Taiwan recorded its second-best foreign trade numbers in 2024, thanks in part to continuous expansion of the global economy, the Ministry of Finance said Feb. 25.
The MOF attributed the strong showing to factors like inflation mitigation and the recovery of economic resilience around the world, adding that global supply chain restructuring and expanding artificial intelligence applications greatly benefited local semiconductor and information communication technology sectors.
According to the ministry, Taiwan’s exports grew 9.9 percent to US$475 billion during the year, with figures reaching a new monthly high in August, along with a second peak in December. Imports surged 12.2 percent to US$394 billion as semiconductor firms ramped up investments in equipment to prepare for a booming global AI supply chain.
A breakdown of the figures shows that electronic components and parts topped the export list, accounting for 37.3 percent of the total, followed by ICT and audiovisual products at 27.9 percent and basic metals at 6 percent.
Taiwan’s exports to the U.S. reached a record high of US$111.4 billion, up 46.1 percent over 2023. Exports to major trade partners in the Association of Southeast Asian Nations increased 15.1 percent to US$87.8 billion, also a record high.
While China and Hong Kong remained the leading destination for local exports, the combined share dropped to 31.7 percent, the lowest in 23 years. The U.S. surpassed ASEAN members to take the second spot, with its share of 23.4 percent the highest in 24 years.
Despite geopolitical risk and uncertainties stemming from the tariff policies of the U.S. new administration, the MOF expected recovering global trade and expanding investment in AI applications by global cloud service providers to continue to benefit Taiwan’s exporters. (SFC-E)
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