Taiwan July exports post fastest growth in 15 years on strong tech demand
Exports rose 42% from a year earlier to $56.68 billion, the finance ministry said on Friday, beating a Reuters poll forecast for an increase of 28.7% to make July the third consecutive month of record exports.
July exports also benefited from customers bringing forward orders to hedge against the increased U.S. tariffs, the ministry said in a statement.
Last week, Taiwan's government said the U.S. tariff of 20% it faced was "temporary" and it would strive for reasonable tariff rates as it completes the final stage of negotiations.
"Uncertainties such as international trade tensions, policy changes, and geopolitical risks continue to affect the global supply chain," the ministry said in a statement.
"The overall economic and trade outlook remains unstable and requires close monitoring of future developments."
Taiwan's export momentum would continue to be supported by robust demand for artificial intelligence and other new applications, it added.
Taiwan companies such as , , 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.
For August, the ministry expects exports to rise between 17% and 22% year-on-year.
In July, Taiwan's exports to the United States jumped 62.8% year-on-year to $18.65 billion, while exports to China, the island's biggest trading partner, climbed 23.9%.
Taiwan's exports of electronic components rose 34.1% to a record $18.42 billion, with semiconductor exports up 35.9%.
Imports rose 20.8% to $42.34 billion, exceeding economists' forecasts for an increase of 17.1%.
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