TLDR: Taiwan’s exports reached an unprecedented $61.8 billion in October, marking a 49.7% year-on-year surge, primarily driven by robust global demand for artificial intelligence technologies and high-performance computing products. This record-breaking performance also led to a historic trade surplus of $22.58 billion, with significant growth in shipments to the United States.
Taipei, Taiwan – Taiwan’s export sector achieved a significant milestone in October, recording a historic high of $61.8 billion. This represents a remarkable 49.7% increase compared to the same period last year, marking the first time monthly exports have surpassed the $60 billion threshold. This surge also signifies the 24th consecutive month of growth and the largest year-on-year increase in nearly 15 and a half years.
The Ministry of Finance (MOF) data, as reported by Focus Taiwan, attributes this exceptional performance largely to the burgeoning global demand for artificial intelligence (AI) technologies and high-performance computing (HPC) products. Additional contributing factors include the seasonal peak for technology product exports and the rollout of new consumer electronics.
Beatrice Tsai, Director-General of the MOF’s Department of Statistics, highlighted the strong global demand as a key driver, despite ongoing US tariffs. She specifically pointed to the high demand for AI and HPC products as crucial for the export surge. However, Tsai also cautioned that some traditional industries, such as metals, metal products, plastics, and rubber products, continue to face challenges due to overcapacity pressure and weak demand, leading to a decline in their October exports.
Accompanying the export boom, Taiwan’s imports in October also reached a record high for the month, totaling $39.22 billion, an increase of 14.6% year-on-year. This strong trade activity resulted in a record monthly trade surplus of $22.58 billion.
In terms of export destinations, shipments to the United States saw a dramatic increase, surging 1.4-fold (144.3%) year-on-year to $21.14 billion. The U.S. now accounts for 34.2% of Taiwan’s total exports, positioning it 11 percentage points ahead of the second-largest market, China and Hong Kong.
The technology sector demonstrated particularly strong growth. Electronic components exports rose by 27.7% to $21.16 billion, with semiconductor shipments climbing 29.2%. Information and Communications Technology (ICT) and audiovisual gear, predominantly graphics cards and servers, experienced an impressive 86.9% jump. Companies like TSMC, the world’s largest contract chipmaker, are noted as major suppliers to global tech giants such as Nvidia and Apple.
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Looking ahead, the Ministry of Finance projects Taiwan’s exports to grow by 30% year-on-year in 2025, reaching an estimated $600 billion. For November, exports are anticipated to rise between 35% and 40% year-on-year. Despite the optimistic outlook, the ministry advises careful monitoring of the global economic landscape, including evolving U.S. tariff policies and lingering geopolitical risks.
