By hannover-web.com On October 8, Taiwan’s Ministry of Finance announced some impressive statistics, revealing that September exports soared to an unprecedented $40.57 billion. This marks the 11th consecutive month of growth, showcasing a 4.5% annual increase. Tsai Mei-na, Director of the Ministry’s Statistics Department, expressed optimism, suggesting that with seasonal trends in mind, October is poised to continue this upward momentum, potentially leading to a 12th straight month of growth.
The significant rise in artificial intelligence opportunities and the ongoing global supply chain restructuring have been instrumental in driving this growth. Tsai noted that the resurgence of AI, combined with the U.S. manufacturing reshoring and localization efforts, has helped Taiwan maintain a strong export position to the U.S. in September, achieving sales of $8.78 billion—the highest ever recorded for this time of year. Over the first nine months of the year, exports to the U.S. reached an astonishing $84.23 billion, setting a new early record with a remarkable annual growth rate of 59.7%, contributing to a trade surplus of approximately $47.7 billion.
In terms of imports, Taiwan has seen a noteworthy increase from South Korea, which has now overtaken Japan for the first time. During the first three quarters, Taiwan recorded a trade deficit of $14.9 billion with South Korea, compared to $14.6 billion with Japan, making South Korea Taiwan’s largest trade deficit partner. Tsai humorously remarked, “NVIDIA has saved the village,” referring to how the demand for high-bandwidth memory driven by AI chips has significantly influenced this shift.
Looking ahead, Tsai discussed the various uncertainties facing the global economy, such as geopolitical tensions in the Middle East, the ongoing U.S.-China trade rivalry, and the upcoming U.S. presidential election. Nevertheless, with inflation pressures easing and major economies beginning to cut interest rates, along with the promising prospects of AI, Taiwan is well-positioned to leverage its strengths in semiconductor and server manufacturing. Thus, the forecast for exports in the fourth quarter remains strong.
In further detail, the Ministry of Finance reported that September exports not only hit $40.57 billion—indicating a 4.5% year-on-year growth—but imports also rose to $33.45 billion, marking a 17.3% increase fueled by external demand and a recovery in semiconductor equipment purchases. Tsai elaborated on the positive factors contributing to this growth, including robust demand for AI and high-performance computing applications, seasonal surges in traditional exports, and inventory buildup due to new technology releases.
However, it’s worth noting that the global manufacturing sector is experiencing a patchy recovery, and traditional industries that had rebounded in August have not managed to sustain that momentum, which led to September’s export growth of 4.5% being slightly below expectations.
Both export and import figures for September set records for the month, resulting in a trade surplus of $7.12 billion. In the third quarter alone, exports totaled $124.13 billion, marking the second-highest quarterly figure ever, while cumulative exports for the first nine months reached $349.13 billion, also the second highest for that period, with a trade surplus of $59.59 billion—a new high.
Among the key exports in September, five of the eleven product categories reported increases, while six saw declines. Notably, ICT products benefited from AI demand and the rollout of new products. The success of China’s game software “Black Myth” may have contributed to certain exports, which totaled $10.31 billion and reflected a year-on-year increase of 24.8%. For the first three quarters, the share of ICT and audiovisual products in total exports climbed to 28.3%, the highest level recorded.
After being impacted by structural changes in domestic and foreign sales, electronic components saw a resurgence in September, with exports rising to $17.06 billion—a 4.9% increase—returning to the $17 billion mark for the first time in two years. This growth was largely fueled by AI opportunities and the upgrade cycle of international smartphone brands, leading to a monthly record high in integrated circuit exports. Additionally, the optical and precision instruments sector reported a 1.2% increase in exports, benefiting from improved specifications in lens shipments.
