Exports hit record high for August in Taiwan

Taiwan's exports increased 2.6 percent year on year to an all-time monthly high of US$29 billion in August, according to the Ministry of Finance Sept. 9.

The increase was a result of surging demand for exports of electronics components and parts, up 7.5 percent to US$10.48 billion, as well as for information and communication technology products, up 31.4 percent to US$3.8 billion.

Integrated circuits, up 11.7 percent to US$9.37 billion, formed the bulk of the rise in component exports. The MOF attributed this to demand for cutting-edge devices utilizing 5G technology, artificial intelligence and Internet of Things.

Taiwan's top three export markets were China, accounting for 40.9 percent or US$11.85 billion; Association of Southeast Asian Nations member states, 16.4 percent or US$4.77 billion; and the U.S., 14.1 percent or US$4 billion.

Exports to the U.S. grew by 22.8 percent, a new monthly record high. China, 1.1 percent, and the ASEAN countries, 0.7 percent, also saw positive growth, reversing nine months of consecutive decline.

According to the MOF, these changes are due to an upturn in indigenous manufacturing capacity as businesses relocate their operations from China to Taiwan. This trend is likely to continue as more companies move their production amid the ongoing U.S.-China trade war, the ministry added.

Source: Ministry of Foreign Affairs, Republic of China (Taiwan)