TAIPEI (Taiwan News) – Taiwan reported a record export total of NT$1.69 trillion (US$56.68 billion) in July marking the 21st consecutive month of increases, the Ministry of Finance said Friday.

Compared to July 2024, exports surged 42%, the sharpest rise in 15 years, the Liberty Times reported. The ministry named as reasons for the better-than-expected results strong demand for AI and high performance computing products, the popularity of new electronic products, and the rush to stock up before new US tariffs took effect.

Export data for the US is also breaking records this year, according to ministry officials. During the period from January to July, Taiwan’s trade surplus with the US reached US$69.7 billion, exceeding the US$64.9 billion for all of 2024, per CNA.

Total exports to the US for January-July 2025 amounted to US$97.54 billion, just US$13.8 billion short of the total booked for all of 2024. A new record for a full year is likely to be set in August or September, the ministry said. In July, Taiwan exported US$18.65 billion worth of goods to the US, a 62.8% surge from July 2024.

The government also noted a shift in Taiwan’s export markets. The US absorbed 32.9% of Taiwan’s exports in July, the highest proportion since October 1990. In contrast, China and Hong Kong were the destination for 25.4% of exports, the lowest percentage since February 2001.

Exports to the Association of Southeast Asian Nations surged 71.6% year on year, setting a single-month record of US$11.63 billion. The European Union and Japan reported more modest year-on-year increases of 4.1% and 0.5% respectively.