Taiwan recorded its second-largest foreign trade performance in 2024, driven by global economic expansion, according to the Ministry of Finance (MOF) on February 25.
The MOF attributed the growth to factors such as inflation stabilization, improving economic resilience, and ongoing global supply chain restructuring. The increasing adoption of artificial intelligence also contributed significantly, benefiting Taiwan’s semiconductor and information and communication technology (ICT) industries.
Exports grew by 9.9% to reach $475 billion, with a record monthly high in August and another peak in December. Imports increased 12.2% to $394 billion, as semiconductor firms expanded investments in equipment to support AI-driven demand.
Electronic components led Taiwan’s exports, accounting for 37.3% of total shipments, followed by ICT and audiovisual products at 27.9% and basic metals at 6%.
Trade with the United States reached a historic high of $111.4 billion, marking a 46.1% increase over 2023. Exports to ASEAN countries also hit a record $87.8 billion, up 15.1% year-over-year.
While China and Hong Kong remained Taiwan’s largest export market, their combined share dropped to 31.7%, the lowest in 23 years. Meanwhile, the U.S. moved up to the second spot with a 23.4% share, its highest in 24 years.
Despite uncertainties surrounding global trade policies, the MOF expects continued investment in AI infrastructure and recovering global demand to support Taiwan’s export growth.
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