Taiwan’s exports to the US hit a record-high US$26.1 billion in the first seven months of this year, according to statistics released by the Ministry of Finance on Thursday, mainly due to transferred orders caused by a spiraling trade spat between the US and China.
Exports to the US increased 18 percent year-on-year from January to last month, the data showed.
The ministry said that it witnessed outstanding performance from exports of data transmission and audio-visual products, which increased 56.4 percent year-on-year to US$8 billion, the highest since 2012.
Data transmission and audio-visual products contributed 30.5 percent of overall exports in the period, up from 23 percent in the same period last year, the data showed.
As firms continue to relocate manufacturing facilities to Taiwan, exports of electrical machines to the US increased twofold on an annual basis from January to last month and contributed 7.5 percent to overall exports, the ministry said, adding that the ratio remained level with the same period last year.
Exports of base metal and related products contributed 14.3 percent to overall exports, down from 16.4 percent last year, while machinery equipment and transportation tools also declined slightly, contributing 10.8 percent and 7.9 percent respectively, the data showed.
Imports from the US also hit a record-high US$21.3 billion in the period, increasing 10.4 percent year-on-year, the ministry said.
Imports of machinery equipment remained predominant across sectors thanks to an increase in semiconductor equipment, contributing 22.2 percent to overall imports, up from 21.7 percent in the same period last year, it said.
Imports of mineral products were second, contributing 16 percent to overall imports, up from 9.7 percent last year, the ministry said, pointing to a surge in imports of shale oil.
Other imports, such as electronic components and chemical products, declined, contributing 10.8 percent and 10.1 percent respectively to overall imports, the data showed, as the influx of ICs and polycrystalline silicon flagged.
Imports of transportation tools increased, contributing 6.8 percent to overall imports, up from 6.5 percent last year, the ministry said, adding that imports of airplanes also rose.
Taiwan’s trade surplus with the US totaled US$4.8 billion in the period, an increase of US$2 billion year-on-year, it said.
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