Taiwan May Exports Hit Record on AI Demand and Ahead of US Tariffs
Taiwan's exports surged to a record in May on booming demand for artificial intelligence and as customers placed orders ahead of US 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 , the world's largest contract chipmaker, are major suppliers to Apple , Nvidia 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.
US 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 US 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%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
4 hours ago
- Arab News
Japan and FIA united in global goals, says Ben Sulayem
DUBAI: An official visit to Japan by FIA President Mohammed Ben Sulayem has reaffirmed the ties between the organization and one of the world's most influential nations in motorsport and mobility. For the latest updates, follow us @ArabNewsSport Hosted by the Japan Automobile Federation and President Masayoshi Sakaguchi, the visit highlighted the country's investment in smart infrastructure and the evolving role of cities as arenas for both mobility innovation and sporting events. As motorsport's international governing body and federation for mobility organizations, the FIA is committed to building partnerships that drive innovation, safety and sustainability. During his official visit, Ben Sulayem met with key figures including Prime Minister Shigeru Ishiba, Commissioner of the Japan Sports Agency Koji Murofushi, and Minister of Land, Infrastructure, Transport and Tourism Hiromasa Nakano. 'This has been an important milestone for the FIA as we deepen our relationship with Japan, a country that continues to lead by example in both mobility innovation and motorsport development,' said Ben Sulayem. 'It was a personal honor to meet with Prime Minister Ishiba and leading ministers, and to witness firsthand the energy and commitment driving progress across the sector.' Discussions focused on common challenges and opportunities from advancing cleaner technologies and enhancing road safety to expanding access to motorsport and preparing for the future of urban mobility. 'From transformative government policies to world-class sporting activities including four FIA World Championship events, Japan shows how integrated approaches to mobility and sport can serve society,' added Ben Sulayem. 'The JAF's dual role as a sport and mobility leader, representing more than 20 million members and hosting our championships, is truly remarkable and I am grateful for their hospitality and support.' JAF President Masayoshi Sakaguchi said: 'We were honored to welcome FIA President Mohammed Ben Sulayem on this significant visit. As proud members of the FIA, we are part of a truly global community united by a shared commitment to advancing mobility and motorsport. 'Our collaboration is essential to driving innovation, safety and sustainability in these fields. I am confident that our partnership will continue to grow stronger and deliver lasting impact worldwide.' Ben Sulayem also highlighted the significance of having Akio Toyoda, the chairman of Toyota, as an active member of the FIA Senate, symbolizing the close relationship between Japan's automotive leaders and the FIA's global mission. The visit comes at a time of growth and renewed momentum for Japan's motorsport and mobility sectors. JAF now reports over 200,000 licensed racing drivers — a 20 percent increase over the past five years — while the 2025 Formula 1 Japanese Grand Prix in April recorded its highest attendance since 2006. Ben Sulayem is now in Macau for the 2025 FIA Extraordinary General Assembly and Annual Conference. The event starts on Tuesday and will welcome more than 500 senior FIA mobility and motorsport delegates from 149 countries.
Arab News
4 hours ago
- Arab News
UK to boost ‘homegrown talent' in new AI skills drive
LONDON: UK Prime Minister Keir Starmer on Monday pledged to boost 'homegrown talent for the AI age' by teaming up with tech giants to train 7.5 million workers in artificial intelligence skills. Speaking at the start of London's Tech Week, with a line-up of speakers including Nvidia CEO Jensen Huang, Starmer said: 'In this global race, we can be an AI maker and not an AI taker.' Starmer was due to have a one-on-one conversation with the chief of the star Silicon Valley semiconductor firm whose chips are critical for artificial intelligence applications and research. Ahead of the event bringing together industry giants, Starmer announced a government-industry partnership to train 7.5 million workers in AI skills, including in using chatbots and large language models to boost productivity. Tech firms including Nvidia, Google, Microsoft and Amazon committed to make training materials freely available to businesses over the next five years. Google EMEA region President Debbie Weinstein called it a 'crucial initiative' essential for developing AI skills, unlocking AI-powered growth 'and cementing the UK's position as an AI leader.' In his opening speech, Starmer said Britain must build 'the digital infrastructure that we need to make sure AI improves our public services.' The UK has a 'responsibility' to 'harness this unprecedented opportunity and to use it to improve the lives of working people,' Starmer added. 'We are going to build more homes, more labs, more data centers, and we're going to do it much, much more quickly.' His government has pledged to fire up the UK's flagging economy, including with 'pro-growth' AI regulations to attract tech investment and turn Britain into an 'AI superpower.' 'We are putting the power of AI into the hands of the next generation — so they can shape the future, not be shaped by it,' Starmer said in a press release before the event. The British leader unveiled £187 million ($253 million) in funding to help develop tech abilities including training for one million secondary school students, as part of its 'TechFirst' program. He called it a 'step change in how we train homegrown talent for the AI age.' The investment will 'embed AI right through our education system,' he said, announcing nearly £150 million in undergraduate and PhD research scholarships in AI and tech. Starmer also announced a 'commitment from Nvidia to partner on a new AI talent pipeline,' including through expanding a Nvidia lab in Bristol, southwest England. The UK's AI sector is valued at £72 billion, employing over 64,000 people, and is projected to exceed £800 billion by 2035. It was growing 30 times faster than the rest of the economy, according to government figures from 2023 — an 'incredible' rate, according to Starmer. Other speakers at the tech conference include the CEO of Mistral AI, Arthur Mensch, the UK's Science Secretary Peter Kyle and Markus Villig, founder of ride-hailing app Bolt.
Asharq Al-Awsat
5 hours ago
- Asharq Al-Awsat
China's Car Sales Rise in May, but Price Wars Cloud Outlook
China's car sales rose for a fourth consecutive month in May, but slower increases across major automakers highlighted concerns over aggressive price competition in the world's largest auto market. Sales grew 13.9% from a year earlier to 1.96 million vehicles last month, slowing from 14.8% growth in April, China Passenger Car Association (CPCA) data showed on Monday. Sales of electric vehicles and hybrids rose 28.2% year on year, down from a 33.9% gain in April. Leading EV maker BYD reported decelerating annual passenger vehicle sales growth to 14.1% last month from April's 19.4% despite a new round of subsidies and incentives late in the month. Other major automakers, including Geely and Chery, also reported slower growth as the industry's attention shifted to price wars that have raised concern over a potential market shakeout. Authorities have warned that such price wars threaten the industry's long-term health, with the sentiments echoed by leading manufacturers such as BYD, Chery and Xiaomi. The CPCA's secretary-general, Cui Dongshu, said the industry should focus on quality and technology innovation and that leading automakers should lower their sales targets for this year. CPCA data also showed that car exports rebounded, rising 13.5% year on year in May, reversing a 2% decline in April.
