New Delhi [India], June 10 (ANI): Taiwan’s exports soared to an all-time high in May, rising 38.6 percent year-on-year to USD 51.74 billion, according to a report by Focus Taiwan, citing data from the Ministry of Finance (MOF).
This marks the 19th straight month of export growth and is the first time the island’s monthly exports have crossed the USD 50 billion mark.
The sharp increase was largely driven by a surge in foreign orders ahead of the expiration of a 90-day pause on U.S. reciprocal tariffs in early July.
The tariff suspension followed U.S. President Donald Trump’s April 2 announcement of new tariffs, including a 32 percent duty on goods from Taiwan. A week later, the 90-day pause was introduced to give time for negotiations.
Beatrice Tsai, head of the MOF’s Department of Statistics, told Focus Taiwan that many foreign buyers expedited orders to avoid potential tariffs.
She also credited continued demand for emerging technologies such as artificial intelligence and high-performance computing (HPC) devices and new product launches by international brands.
May marked the first time Taiwan’s monthly exports exceeded USD 50 billion, Tsai added.
May exports exceeded the MOF’s own forecast of USD 42.9-44.8 billion. Imports also rose 25 percent year-on-year to USD 39.13 billion, resulting in a trade surplus of USD 12.62 billion, a 109.2 percent increase from last year.
From January to May, Taiwan’s total exports rose 24.3 percent year-on-year to USD 229.96 billion, while imports increased 21.4 percent to USD 186.51 billion. The trade surplus during the five-month period stood at USD 43.45 billion, up 38.3 percent.
By product category, information and communication technology (ICT) and audio/video products led the export surge with a record USD 19.89 billion in shipments, up 111.1 percent year-on-year, driven by high demand for servers, display cards, and computer accessories.
The electronics component sector followed with exports of USD 17.21 billion, a 28.4 percent rise, boosted by a 30.1 percent jump in semiconductor sales to USD 16.11 billion.
Traditional industries showed mixed results. Base metals, machinery, and electrical equipment saw exports rise by 5.7 percent, 7.7 percent, and 16.3 percent respectively.
However, exports of plastics/rubber and chemicals dropped 4.7 percent and 6.6 percent respectively.
In terms of export destinations, the U.S. became Taiwan’s largest market in May, overtaking China and Hong Kong. Exports to the U.S. jumped 87.4 percent to USD 15.52 billion, accounting for 30 percent of Taiwan’s total exports.
Shipments to China and Hong Kong rose 16.6 percent to USD 14.06 billion (27.2 percent share), while exports to ASEAN nations grew 52.3 percent to USD 9.83 billion.
Exports to Japan and South Korea rose 17.5 percent and 16.6 percent respectively, while exports to Europe edged down 0.6 percent.
Looking ahead, the MOF expects Taiwan’s exports to grow between 15 to 25 percent year-on-year in June, reaching between USD 45.7 billion and USD 49.9 billion. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
