TAIPEI, June 9 (Reuters) - Taiwan's exports rose much more than expected in May to its second-highest monthly figure by value, as the island reaps the benefits of ongoing global demand for AI chips and technology.
Exports jumped 51.7% from a year earlier to $78.48 billion, the second-highest export value for any month on record, the finance ministry said on Tuesday. Analysts had expected growth of 37.9%; in April, Taiwan posted a gain of 39%.
Here are some details on the data, according to a statement:
• Artificial intelligence and cloud business demand remained solid, as cloud service providers' capex remained at high levels.
• Exports in each of the second, third and fourth quarters are expected to top $200 billion.
• Global economic growth momentum would be limited by risks from the U.S.-Israeli war on Iran and U.S. trade policy uncertainties.
• For June, the ministry expects exports to rise 42% to 49% from a year earlier.
• In May, Taiwan's exports to the U.S. rose 47.9% from a year earlier to $22.939 billion, while exports to China climbed 35.4%.
• Exports of electronic components jumped 66.9% to $19.44 billion, while information products rose 118%.
• Imports rose 54.9% to $60.57 billion, surpassing economists' forecasts for an increase of 37.4%.
• Taiwanese companies like TSMC, , the world's largest maker of advanced chips used to power AI applications, are major suppliers to Nvidia, Apple and other leading tech companies.
Reporting by Faith Hung and Roger Tung, Editing by Louise Heavens and Thomas Derpinghaus
Source: Reuters