Taiwan Oct exports miss expectations as China weighs
5:11 am Friday, November 08th, 2024
TAIPEI (Reuters) – Taiwan’s exports rose less than expected in October, as benefits from the booming artificial intelligence (AI) industry were countered by the sluggish economy of top trading partner China.
Exports rose 8.4% on the year to $41.3 billion, the finance ministry said on Friday, missing a forecast for expansion of 9% in a Reuters poll, but above September’s gain of 4.5%, and still marking the 12th straight monthly rise.
The ministry said it saw a strong fourth quarter as larger economies cut interest rates, AI application demand was good and the peak end-of-year shopping season was approaching in U.S. and European markets.
It predicted November exports could rise between 5.0% and 9.0% on the year.
Taiwan firms such as TSMC, the world’s largest contract chipmaker, are major suppliers to Apple, Nvidia and other tech giants.
In October, exports to the United States jumped 20.5% to $8.65 billion, though off September’s rise of 27.3%.
Exports to Taiwan’s largest trading partner, China, edged down 2.1%, worsening from the previous month’s gain of 1.7%.
Total exports of electronic components jumped 6.1% in Octobr on the year to $16.60 billion, with semiconductor exports up 6.1%.
Imports rose 6.5% to $34.43 billion in October, trailing economists’ forecasts for a gain of 9.0%.
(Reporting by Faith Hung and Emily Chan; Editing by Clarence Fernandez)
