Taiwan May exports hit record on AI demand and ahead of US tariffs
TAIPEI, June 9 (Reuters) - Taiwan's exports surged to a record in May on booming demand for artificial intelligence and as customers placed orders ahead of U.S. tariffs which could take effect next month after a suspension period expires.
Exports increased 38.6% from the same month a year ago - the fastest pace in almost 15 years - to $51.74 billion, a record high and the first time the value of exports has exceeded $50 billion, the finance ministry said on Monday.
The expansion, the 19th consecutive monthly gain, was higher than the 25% expected by economists in a Reuters poll and surpassed April's 29.9% rise.
Taiwan companies such as TSMC (2330.TW), opens new tab, , the world's largest contract chipmaker, are major suppliers to Apple (AAPL.O), opens new tab, Nvidia (NVDA.O), opens new tab and other tech giants.
May exports benefited from continued strong AI demand and customers bringing forward orders to hedge against the possibility of increased U.S. tariffs, the ministry said in a statement.
U.S. President Donald Trump planned a 32% import levy on goods from Taiwan under his global tariff regime, until he announced a 90-day pause in April to allow for trade negotiations.
While AI and other new technologies should continue to support Taiwan's exports, the uncertainty surrounding the U.S. tariffs and geopolitical risks could undermine the global economic outlook, the ministry said.
For June, the ministry expects exports to rise between 15% and 25% year-on-year.
In May, Taiwan's exports to the United States soared 87.4% year-on-year to $15.52 billion, a record in terms of growth and value, versus a 29.5% surge in the prior month.
Exports to China, Taiwan's biggest trading partner, climbed 16.6%, after rising 22.3% in April.
Taiwan's total exports of electronic components gained 28.4% in May on the year to $17.2 billion, with semiconductor exports up 30.1%.
Imports rose 25% to $39.13 billion, lower than economists' forecasts of 30.2%.
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