News
2024 exports second highest on record
By ECCT staff writers, MOF
Taiwan’s December 2024 exports rose by 9.2% year on year to US$43.59 billion while total imports rose by 30.4% from a year earlier to US$37.51 billion. It was the 14th consecutive month of export growth. For the full year in 2024, total exports rose by 9.9% year-on-year to US$475.07 billion while total imports rose 12.2% to US$394.47 compared with 2023. The full year figure was the second highest ever (Taiwan posted record exports in 2022 at US$479.41 billion, after the full-year figure passed US$400 billion for the first time in 2021 with US$446.37 billion, according to ministry data).
The Ministry of Finance attributed December's strong performance to several key factors: the traditional peak season during the fourth quarter, the upcoming Lunar New Year holiday in late January, and a surge in orders placed with Taiwanese businesses ahead of US President-elect Donald Trump's inauguration, amid concerns over his stated intention to impose high import duties.
Exports of information, communication and video/audio products, and electronic components hit US$11.72 billion and US$17.21 billion in December, maintaining the dominance of the two product categories. For the full year, exports of ICT and audiovisual products rose 59% to US$132.5 billion, accounting for all of the year-on-year growth in total exports, while exports of electronic components reached US$177.2 billion, slightly lower than 2023 (-0.8% year-on-year). Exports of products in other categories also rose in December but were down slightly (less than 1% declines) for the full year.
In terms of export destination, December exports to China + Hong Kong, ASEAN, and the USA rose by 3.6%, 27.8%, and 16.0%, respectively. However, exports to Japan as well as Europe declined 20.1% and 15.7%, respectively. For the full year in 2024, of Taiwan’s major trading partners, exports to the USA, ASEAN countries and Korea rose by 46.1%, 15.1% and 14.2%, respectively while exports to China + Hong Kong, Europe and Japan fell 1.1%, 8.6% and 17.8%, respectively. Meanwhile, China + Hong Kong remained the largest export destination by value for the full year in 2024, accounting for US$150.6 billion or 31.7% of Taiwan’s total exports. The USA was the second largest, accounting for US$111.37 billion or 23.4% of total exports, followed by ASEAN countries (US$87.79 billion or 18.5% of the total), Europe (US$38,65 billion or 8.1% of the total), and Japan (US$25.84 billion or 5.4% of the total).
