Taiwan: Merchandise exports increase in May
Merchandise exports increased 3.5% annually in May (April: +4.3% year-on-year). This was driven by over-60% growth in IT exports, likely linked to the surge in global demand for AI applications. Looking at destinations, exports to the U.S. were the key driver, more than offsetting lower sales to China, Japan and Europe. Meanwhile, merchandise imports climbed 0.6% in annual terms in May (April: +6.6% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.0 billion surplus in May (April 2024: USD 6.5 billion surplus; May 2023: USD 5.0 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 91.7 billion surplus in May, compared to the USD 90.6 billion surplus in April.