Taiwan's Exports Reach Historic High Amid Tariff Concerns
In May, Taiwan's exports hit a record USD 51.74 billion, marking a 38.6% year-on-year increase. The surge was driven by foreign orders ahead of U.S. tariff changes. The booming exports, particularly in ICT, resulted in a significant trade surplus while imports also grew, maintaining Taiwan's economic momentum.
- Country:
- India
In a significant economic milestone, Taiwan's exports surged to an unprecedented USD 51.74 billion in May, reflecting a 38.6 percent increase compared to the previous year, according to data from the Ministry of Finance. This remarkable growth marks the 19th consecutive month of export expansion, and it's the first time Taiwan's monthly exports have surpassed the USD 50 billion threshold.
The increase in exports was largely attributed to a rush in foreign orders made ahead of an anticipated change in U.S. tariff policies. The impending expiration of a 90-day tariff reprieve, initially introduced after President Trump's announcement of new duties, spurred international buyers to expedite purchases. Beatrice Tsai from the MOF highlighted strong demand for emerging technologies, including AI and high-performance computing devices, as pivotal factors driving export growth.
Taiwan's export landscape is particularly vibrant in the information and communication technology sector, which saw shipments skyrocket by 111.1 percent. Meanwhile, traditional sectors showed mixed outcomes with declines in plastics and chemicals. Notably, the U.S. emerged as Taiwan's largest export market in May, surpassing China and Hong Kong, underscoring the dynamic shifts in global trade ties.
(With inputs from agencies.)
Google News