From Nasdaq, Inc.:

Taiwan’s exports rose 11.8% in value from the previous year to $39.94 billion in December 2023. The recovery is expected to slow after the traditional year-end shopping season. The government expects continued growth due to rising demand for high-tech products.

However, weak global demand has led Taiwan to cut its 2023 economic growth forecast to 1.42%, the slowest pace in 14 years. Electronic component shipments fell 1.2% to $15.9 billion, partially due to a 0.8% drop in semiconductor exports.

Taiwanese firms, including TSMC, a major supplier to Apple and Nvidia, are experiencing a surge in exports to the United States, which increased by 49.7% in December. However, exports to China fell by 6.4%, reflecting China’s struggling economy. Imports declined by 6.5% to $28.84 billion.

Economy Minister Wang Mei-Hua expressed optimism for Taiwan’s economic growth in 2023, citing strong demand for AI-related products. The government forecasts further export growth of 20% to 24% for January due to an increase in working days from the Lunar New Year holidays.



Read more: Taiwan Dec exports beat forecasts as demand from US surges, slips from China