AI boom drives fastest growth in Taiwanese exports since 2022
by Bloomberg Jul 09, 2024
Taiwan’s exports rose at the fastest pace since February 2022, with shipments of tech products jumping more than fourfold.
Total goods exports rose 23.5% in June from a year earlier, according to the Ministry of Finance, climbing to $39.9 billion. Shipments of computers and related hardware remained the best performer, jumping 324% to $6.6 billion on robust demand from emerging technology sectors, the ministry said in a statement on Tuesday.
“Taiwan continues to ride the coattails of the artificial intelligence boom and cyclical tech cycle rebound, which will likely support exports in the coming months,’ said Gary Ng, a senior economist from Natixis SA.
Export of integrated circuits resumed growth after losing momentum for the past few months. Total shipments to the US were up more than 74%, and those to ASEAN also continued to grow significantly, offsetting the impact of decelerating economic growth in China’s market, according to Ng.
Taiwan is “entering peak season for exports from July” and most exports this month will be at least flat or better than in June, the finance ministry’s chief statistician, Beatrice Tsai, said at a briefing after the release.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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