News
November exports rise 9.7%
By ECCT staff writers, MOF
Taiwan’s total exports in November rose by 9.7% year-on-year to US$41.09 billion while total imports rose by 19.8% from the same month in 2023 to US$33.16 billion. According to the monthly report from the Ministry of Finance (MOF), outbound shipments of chips and information and communication technology (ICT) products accounted for 66.7% of total exports, which has been attributed to the surge in demand for artificial intelligence (AI). Broken down by category, parts of electronic products, information, communication and audio-video products, base metals and articles of base metal, machinery, plastics & rubber and articles thereof rose by 14.6%, 11.7%, 4.1%, 0.1%, and 9.1%, respectively.
For the first 11 months of 2024, only exports of products in the ICT category have risen (by 64.9% year-on-year) while all other product categories declined, although only marginally (between -0.6% to -2.3%)
Broken down by export destination, compared with the same month of last year, November exports to Mainland China & Hong Kong, ASEAN, and the USA. grew by 9.5%, 10.5%, and 10.6%, respectively. However, exports to Japan and Europe declined 11.2% and 1.2%, respectively. For the full year-to-date (January to November), exports to the USA, ASEAN countries and South Korea have risen by 49.9%, 13.8% and 13.6%, respectively while exports to China + Hong Kong, Europe and Japan have fallen by 1.5%, 7.9% and 17.6%, respectively.
In November, imports from all trading partners, with the exception of the Middle East, rose. Year-to-date, imports from China, ASEAN, the USA, Japan and Korea are up by 10.8%, 18.6%, 16.2%, 2.7% and 51.1% while imports from Europe are down 4.3%.
