Taiwan August exports hit record value on solid AI demand

Taiwan's exports rose more than expected in August to a record monthly level, as AI demand remained resilient in the face of global concerns about inflation and increased energy costs from the protracted U.S.-Israeli conflict with Iran.

Exports last month rose 41.0% from a year earlier to $82.4 billion, the highest monthly value ever reported, the finance ministry said on Wednesday, beating both analysts' forecast for a 35.3% increase and July's 32.9% rise. August also marked the 34th straight monthly year-on-year gain.

Here are some details from the statement:

• Taiwan's exports to the U.S. rose 20.7% in August from a year earlier to $23.667 billion, while exports to China jumped 39.3%.
• Exports of electronic components soared 58% to $32.216 billion, while those of information products rose 41.8%.
• Imports were up 44.3% to $60.1 billion, above economists' forecasts for an increase of 40%.
• Artificial intelligence applications continued to grow and global cloud service providers (CSPs) accelerated AI infrastructure development.
• Export growth is expected to be sustained in the second half of the year, despite the risks to global growth from geopolitical uncertainties and U.S. trade policy.
• For September, the ministry expects exports to rise 42% to 48% from a year earlier.
• Taiwanese companies including TSMC 2330.TW, TSM.N, the world's largest maker of advanced chips used to power AI applications, are major suppliers to Nvidia NVDA.O, Apple AAPL.O and other leading tech companies.