Taiwan Riding AI Wave as Exports Hit Record Monthly High

Taiwan’s exports hit a historic monthly high in August as the tech-heavy island continues to profit from the global frenzy around the artificial Intelligence (AI) industry.

The disputed territory’s exports rose 16.8% on the year to a record $43.64 billion, the finance ministry said, exceeding a rise of 7.35% forecast in a Reuters poll and July’s gain of 3.1%, to mark the 10th consecutive monthly rise.

“August’s export value hit a record as business for AI and high-performance computing continued to be strong, as well as international brands stocking up on new products,” the ministry said in a statement.

The second half of the year should see a “gradual upward slope” in growth as exports enter their peak season, the ministry has said, pointing to the end-of-year holiday shopping season in Western markets such as the United States and Europe.

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Taiwan firms such as TSMC, the world’s largest contract chipmaker, are major suppliers to Apple, Nvidia and other tech giants.

The ministry predicted exports in September could gain between 5% and 9% on the year.

In August, exports to the United States soared 78.5% to $11.89 billion, also a record high, compared with a gain of 70.3% in July.

Shipments to largest trading partner China were up 1.0% versus the previous month’s slide of 13.5%.

Total shipments of electronic components edged up 0.1% in August from a year earlier to $15.15 billion, with semiconductor exports down 0.5%.

Imports rose 11.8% to $32.14 billion in August, missing economists’ forecasts for a gain of 15.0%.

• Reuters with additional editing by Sean O’Meara

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