Taiwan's exports soar to record high in June, driven by increased AI demand amid concern of US tariff deadline of July 9

Taipei [Taiwan], July 9 (ANI): In June, Taiwan exports reached a new monthly high of USD 53.32 billion, marking the 20th consecutive month of growth and a 33.7 per cent rise year-on-year, as reported by the Focus Taiwan.

According to Focus Taiwan, the Director-General of the MOF Department of Statistics said that the growing prospects for artificial intelligence (AI) and high-performance computing continued to drive demand for related products.

She further added that concerns over U.S. tariffs ahead of the July 9 deadline also prompted customers to frontload shipments.

The information and communication technology and audio/video product exports witnessed a rise of 82.5 per cent year-on-year to USD 19.68 billion, boosted by AI demands as well as tech products being upgraded or shipped.

Additionally, electronic component exports increased by 31.1 per cent from the previous year to USD 19.12 billion, spurred by rising demand for advanced semiconductors. This marked a monthly high and set the highest growth rate for 39 months, said Tsai.

Specifically, the base metals and optical and precision instruments experienced a growth of 11.8 per cent and 9.3 per cent, respectively, from the previous year.
Furthermore, plastics/rubber, chemical and textile exports fell by 12 per cent, 4.3 per cent and 13.6 per cent, respectively, MOF statistics showed.

The report by Focus Taiwan also revealed that exports to ASEAN countries, Japan, China and Hong Kong rose by 28.2 per cent, 25.3 per cent, and 13.1 per cent, respectively, while the exports to European countries dipped by 5.4 per cent.

Taiwan exports to the U.S. also witnessed a change, with information and communication technology and audio/video products making up 70 per cent of exports, compared with 24 per cent in 2018.

Meanwhile, Taiwan largest trade deficit was with South Korea at USD 16.3 billion over the past six months.

Total exports for the year so far amounted to USD 283.26 billion, an increase of 25.9 per cent from the previous year and a record high for the period. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.