TAIPEI (Taiwan News) — The Ministry of Finance (MOF) announced August exports reached US$43.64 billion (NT$1.4 trillion), exceeding previous estimates and setting a historical monthly high with a monthly increase of 9.3% over July and a year-on-year increase of 16.8%.

The MOF said exports exhibited growth for 10 consecutive months, led by AI, IT, audio-visual products, and high-end computing as companies stock new models. Strong August export performance has led the MOF to predict September exports to grow 5-9% year-on-year, per Liberty Times.

Imports in August had a monthly decline of 8.4% to settle at US$32.14 billion. However, cumulative imports from January to August reached US$256.12 billion, the second highest in history over the same period, exhibiting an annual increase of 9.3%.

Among the five major export markets, the US continued to set new monthly records, with an overall annual increase of 78.5% due to strong demand for technology products. Exports to ASEAN, Europe, and China also increased by 5.6%, 2.6%, and 1%, respectively.

Looking ahead, the MOF said global economic uncertainties continue, such as uncertain interest rate policies in major countries and technological competition between the US and China. Despite such challenges, the MOF expects the global economy to expand steadily.

Furthermore, applications such as AI and high-performance computing will continue to develop with the proliferation of terminal devices, bolstering Taiwan’s semiconductor industry, which exhibits advantages in both process and production capacity. Thus, Taiwan will be able to seize business opportunities in technology-related products as the sector begins to enter peak season.