TAIPEI (Taiwan News) — The Ministry of Finance (MOF) reported on Thursday (Aug. 8) that Taiwan’s exports to the US hit a record high US$11.45 billion (NT$371 billion) in July, a 3.1% year-on-year increase.

According to MOF statistics, Taiwan’s imports totaled US$35.1 billion in July, a 16.2% year-on-year increase. The share of exports to China decreased to 29.1% of total exports, while the share to the US rose to 28.7%, per CNA.

MOF’s Department of Statistics Director Tsai Mei-na (蔡美娜) said exports to the country's five major markets showed mixed results in July. Exports to the US hit a new monthly high, while exports to the other four major markets weakened, she said.

This growth was mainly due to the rise of AI, the reorganization of global supply chains, and the reshoring of US manufacturing, which significantly boosted demand for Taiwan’s information and communication technologies (ICT), audiovisual products, and electronic components, Tsai explained.

Tsai added that the cumulative trade surplus with the US for the first seven months of the year was US$33.65 billion, which was just US$2 billion shy of the record high of US$35.62 billion for 2022. She predicted that the trade surplus with the US might surpass previous records by August.