July Exports Hit a New Record of $56.6 Billion! Ministry of Finance Estimates Annual Exports to Exceed $500 Billion

The Ministry of Finance today (8th) released preliminary import and export statistics for July, showing exports reaching $56.68 billion. This not only marks the third consecutive month of setting a new all-time monthly high but also reflects a 6.3% increase from the previous month and a staggering 42% year-on-year growth—the strongest monthly increase in nearly 15 years. The ministry stated that with the AI boom and technological innovation driving long-term demand, the competitiveness of Taiwan's tech industry supply chain remains robust, and annual exports are expected to surpass $500 billion for the first time.

July exports reached $56.68 billion, up 6.3% month-on-month and 42% year-on-year, setting a new monthly record. When calculated in New Taiwan Dollars (NTD), the year-on-year growth adjusted to 27.5% due to significant currency appreciation. Cumulative exports from January to July totaled $339.94 billion, a 28.3% year-on-year increase.

Meanwhile, July imports stood at $42.34 billion, the second-highest monthly figure on record, rising 2.6% from the previous month and 20.8% year-on-year. In NTD terms, imports grew by 8.5%. Cumulative imports from January to July reached $269.89 billion, up 20.5% year-on-year.

The trade surplus in July surged to $14.34 billion, a new monthly high, bringing the cumulative surplus from January to July to $70.05 billion—an increase of $29.09 billion compared to the same period last year.

Tsai Mei-na, Director of the Statistics Department under the Ministry of Finance, attributed the strong export growth in July to robust demand for AI-related products, particularly high-end chips and servers. As the grace period for U.S. reciprocal tariffs nears its end, buyers have been actively stockpiling in advance, boosting exports by $16.76 billion compared to the same month last year.

Key export markets also showed synchronized growth, with shipments to ASEAN and the U.S. both hitting record highs. Exports to ASEAN reached $11.63 billion, up 71.6% year-on-year, driven mainly by information and communication technology (ICT) and audiovisual products. Exports to the U.S. surged 62.8% to $18.65 billion, reflecting AI-driven opportunities and pre-stocking spurred by manufacturing revival policies. Exports to mainland China and Hong Kong rose to $14.37 billion, up 23.9% year-on-year, primarily driven by electronic components.

Tsai Mei-na stated that annual exports are expected to exceed $500 billion for the first time, with the third quarter maintaining positive growth. August exports are projected to range between $51 billion and $53.2 billion, with year-on-year growth of 17% to 22%, potentially marking 22 consecutive months of expansion. However, traditional industries such as mineral products and basic metals remain weak, and with U.S. reciprocal tariffs taking effect in August, export pressures on these sectors may persist, making a significant rebound unlikely in the short term.

Regarding the semiconductor industry, the U.S. plans to impose 100% tariffs on related products, but policy details remain unclear. It is still uncertain whether these tariffs will cover chips, servers, and other categories. A precise assessment can only be made after the official announcement.