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Taiwan July exports misses forecasts on weak China demand, but U.S. soars
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Taiwan July exports misses forecasts on weak China demand, but U.S. soars
Aug 8, 2024 2:34 AM

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Exports +3.1% y/y vs +6.13% forecast in Reuters poll

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Exports to China -13.5% y/y (prior month +7.3%)

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Exports to U.S. +70.3% y/y (prior month +74.2%) reach

record

$11.45 bln in July

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Sees "gradual upward slope" in exports growth rate in H2

-ministry

By Jeanny Kao and Faith Hung

TAIPEI, Aug 8 (Reuters) - Taiwan's exports rose less

than expected in July as weak demand from China offset record

orders from the United States which underscored the island's

essential role as a supply hub for the booming artificial

intelligence (AI) industry.

Exports rose 3.1% from a year earlier to $39.94 billion, the

finance ministry said on Thursday, but missed the 6.13% forecast

in a Reuters poll and trailed a 23.5% gain in June. It was the

ninth consecutive monthly rise.

Performance was softer than expected because the "global

economic recovery has been mild and Typhoon Gaemi caused fewer

days of productivity and temporary delays in delivery," the

ministry said in a statement.

The second half of the year should see a "gradual upward

slope" in growth as exports enter their peak season, the

ministry said, adding that demand may be further boosted as AI

applications expand into end-user products.

Taiwanese firms such as TSMC , the world's

largest contract chipmaker, are major suppliers to Apple ( AAPL )

, Nvidia ( NVDA ) and other tech giants.

The ministry predicted exports in August could jump between

6% and 9% from a year earlier.

In July, exports to the United States jumped 70.3% to $11.45

billion, a record monthly high, compared with a 74.2% surge in

June. Shipments to China - Taiwan's largest trading partner -

were down 13.5% versus the previous month's 7.3% gain.

Total shipments of electronic components fell 12.0% in July

from a year earlier to $13.73 billion, with semiconductor

exports dipping 12.8%.

Imports jumped 16.2% to $35.1 billion in July, above

economists' forecasts for a 11.2% gain.

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