TAIPEI (Taiwan News) — Taiwan’s exports rose by a higher-than-expected 23.5% in June compared to the same month last year, marking the eighth consecutive month of growth, the Ministry of Finance (MOF) said Tuesday (July 9).

The total for June reached US$39.9 billion (NT$1.29 trillion). Imports rose 33.9% from June 2023 to US$35.22 billion, per CNA.

The value of exports for January-June surged 11.4% from the same period last year to US$225.03 billion. The MOF identified a growing demand for new technology products and a need to replenish inventories as the reasons behind the increases, UDN reported.

The export of information and communication technology products more than doubled, while even products from traditional sectors like mining and chemicals rose 23.8% and 15.4%, respectively, on the back of higher oil prices. Due to demand from the semiconductor sector, the export of machinery increased by 10.5%.

The United States was the fastest-growing export market, taking 74.2% more goods from Taiwan last month than in June 2023. Exports to the Association of Southeast Asian Nations (ASEAN) surged 30.9%, while after a decline, Europe registered a 7.4% increase; meanwhile, exports to China with Hong Kong expanded by 7.3%. The only exception was Japan, with Taiwan exports declining 2.3% in June from the same month last year.

Despite continued international uncertainty, the growth of demand for AI products and the development of the semiconductor industry in Taiwan made it highly likely that exports would continue to expand during the next six months, according to the MOF.