Taiwan Exports Hit Record

Taiwan's exports reached a record high in May, driven by strong demand for AI technologies and a rush of orders placed ahead of potential US tariffs. The country's exports surged 38.6% year-on-year to $51.74 billion, marking the fastest pace in nearly 15 years. This is the first time Taiwan's monthly exports have exceeded $50 billion. The surge is partly attributed to customers expediting orders to avoid potential tariffs, with the US recently pausing a 32% tariff on Taiwanese goods for 90 days.

Specifically, exports to the US jumped 87.4% year-on-year to $15.52 billion. Electronic components, including semiconductors, saw significant growth, with exports rising 28.4% to $17.2 billion. The Ministry of Finance anticipates exports to continue growing, projecting a 15% to 25% year-on-year increase in June. However, they also cautioned that uncertainties surrounding US tariffs and geopolitical risks could pose challenges to the global economic outlook. The US has overtaken China as Taiwan's largest export market.