Thu, Apr 11, 2024 page12

• Exports soar 18.9 percent to US$41.82bn

  MARKET SHIFT: Shipments to China fell 1.3 percent, while those to ASEAN members rose 47.1 percent as the bloc benefits from an ongoing supply chain readjustment

  • By Crystal Hsu / Staff reporter
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  Exports last month soared 18.9 percent year-on-year to US$41.82 billion, the highest for March, as demand for artificial intelligence (AI) products thrived, while the market for non-tech products improved, the Ministry of Finance said yesterday.

  It is the first time in 19 months that exports rose above the US$40 billion mark, and they are expected to advance 8 percent to 11 percent this month, as the recovery gains further momentum, Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.

  The trade data last month was better than expected, thanks to fast-growing demand for AI, restocking demand for non-tech products and a low comparison base, Tsai said.

  

  A cargo truck drives past shipping containers at the Port of Keelung on March 27. Taiwan’s exports totaled US$41.82 billion last month, an annual increase of 18.9 percent, the fastest pace of growth since March 2022, the Ministry of Finance said yesterday.

  Photo: CNA

  Shipments of information and communication technology (ICT) products in particular more than doubled to US$12.65 billion, accounting for 30.3 percent of overall exports, she said.

  However, exports of electronic components, mainly chips, fell 5.5 percent to US$14.7 billion, which Tsai attributed partly to product reclassifications.

  “It is perhaps better to combine electronics and ICT shipments to capture the latest technology cycle movements, which lent support to a more than 30 percent recovery,” she said.

  Demand for ICT products came mostly from the US where major technology firms are speeding up the development of AI tools and services, she said, adding that the US was the nation’s second-largest trading partner with a 21.8 percent share of Taiwan’s total outbound shipments.

  Shipments to China fell 1.3 percent to US$12.72 billion with a softening share of 30.4 percent, Tsai said, as Taiwanese firms rally behind US bans on sales of advanced technology products to China.

  Exports to ASEAN markets soared 47.1 percent to US$2.66 billion with Thailand, Vietnam and elsewhere in the trade bloc benefiting from an ongoing realignment of the global electronics supply chain, she said.

  Meanwhile, shipments of base metal, chemical, mineral and textile products gained 0.8 percent to 7 percent, emerging from a prolonged slowdown induced by sharp global inflation and monetary tightening, she said.

  “The recovery will grow stronger and more broad-based,” she said.

  Imports posted a 7.1 percent increase to US$33.14 billion, helped by fleet expansions by domestic airline companies to take advantage of rising demand for cross-border travel, Tsai said.

  The positive showing in imports came even though purchases of capital equipment fell 12.6 percent overall, while the acquisition of semiconductor equipment plunged 50.1 percent, she said.

  That was because local tech firms were cautious in capacity and inventory management, especially as interest rates remain high and geopolitical risks abound, she said.

  The latest trade data gave Taiwan a surplus of US$8.68 billion last month, more than doubling from a year earlier, the ministry said.

  In the first quarter, exports rose 12.9 percent year-on-year to US$110.33 billion, while imports increased 3 percent to US$91.38 billion, beating the government’s February forecast of an 8.36 percent rise and a 0.4 percent decline respectively.
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