Taiwan's exports have risen 4.5% from the same period last year to hit US$40.57 billion, a record high for the month of September. The finance ministry has attributed the 11th consecutive month of year-on-year growth to peak shipping season and continued demand for AI applications.
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00:00Taiwan's exports hit a record high in September, up more than 4 percent from this time last
00:05year.
00:06That's thanks to strong global demand for artificial intelligence.
00:10Joyce Tung has been breaking the numbers down for us and joins us live from the newsroom.
00:14Joyce, how do these figures stack up against the past?
00:21Hey Philip, right.
00:22Taiwan's exports have increased 4.5 percent from this time last year, totaling just over
00:2840 billion U.S. dollars.
00:30That's a record high for the month of September and also marks 11 consecutive months of year-on-year
00:36growth.
00:37The finance ministry has attributed this to the usual peak shipping season, but also strong
00:43continued demand for AI and high-performance computing tools.
00:47Again, Taiwan's dominance in the advanced semiconductors and electronics that power
00:52these emerging technologies proving valuable here.
00:55And Philip, as for how long we can expect this to last, economists tell me that they're
01:00expecting this growth to continue for quite some time.
01:03The full AI revolution is still unraveling.
01:07In tech stocks in the U.S., the hub for these innovations are also recovering and we're
01:12seeing more tech giants like Apple and Meta also introduce AI into more devices and their
01:20platforms.
01:21So Taiwan's chipmakers will be kept busy providing key tech for that.
01:25Joyce, it does sound like very positive, rosy projections for Taiwan's economy.
01:30Are there really no downsides?
01:33Well, it's worth noting that Taiwan is posting these record-breaking numbers because the
01:40advanced chips and computer sectors are extremely high in value.
01:44If we take a closer look, exports of conventional products like plastics, rubbers and chemicals,
01:52they all fell.
01:53And so, as the economy grows, which typically increases inflation, it's these non-tech sectors
01:59that will suffer.
02:00Aside from that, this week, economists are watching for potential Chinese tariffs on
02:06Taiwanese agricultural products in response to National Day and anything that President
02:10Lai Ching-tung may say in his speech.
02:13He's a figure that Beijing already sees as a separatist.
02:16And this wouldn't be the first time that Beijing uses this strategy to economically pressure
02:22the self-governed nation to come under its control.
02:25But this is unlikely, though, to significantly impact Taiwan's economy overall.
02:30Philip?