TAIPEI — Taiwan’s exports in July grew at their fastest in 15 years for a third consecutive monthly record, as demand for its AI-related and other tech products stayed strong in a final month of uncertainty before new US tariffs commence in August.
Exports rose 42 percent from a year earlier to $56.68 billion, the finance ministry said on Friday, beating a Reuters poll forecast for an increase of 28.7 percent to make July the third consecutive month of record exports.
July exports also benefited from customers bringing forward orders to hedge against the increased US tariffs, the ministry said in a statement.
Last week, Taiwan’s government said the US tariff of 20 percent it faced was “temporary” and it would strive for reasonable tariff rates as it completes the final stage of negotiations.
“Uncertainties such as international trade tensions, policy changes, and geopolitical risks continue to affect the global supply chain,” the ministry said in a statement.
“The overall economic and trade outlook remains unstable and requires close monitoring of future developments.”
Taiwan’s export momentum would continue to be supported by robust demand for artificial intelligence and other new applications, it added.
Taiwan companies such as the world’s largest contract chipmaker, are major suppliers to Apple, Nvidia and other tech giants.
For August, the ministry expects exports to rise between 17 percent and 22 percent year-on-year.
In July, Taiwan’s exports to the United States jumped 62.8 percent year-on-year to $18.65 billion, while exports to China, the island’s biggest trading partner, climbed 23.9 percent.
Taiwan’s exports of electronic components rose 34.1 percent to a record $18.42 billion, with semiconductor exports up 35.9 percent. Imports rose 20.8 percent to $42.34 billion, exceeding economists’ forecasts for an increase of 17.1 percent.
