The nation’s exports grew 13.2 percent year-on-year to US$25.71 billion last month, as local firms benefited from inventory-building demand ahead of high-season sales in China, and development of next-generation electronic devices, the Ministry of Finance said yesterday.
The growth dynamism could sustain this quarter, as the world economy is gaining momentum, giving global technology brands confidence to upgrade devices to boost sales.
“Exports saw an uptrend for the sixth consecutive month and recovered above the US$25 billion mark, in line with a stable economic recovery at home and abroad,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
The upcoming Golden Week in China to celebrate Workers’ Day is leading firms to build inventory as people are expected to take advantage of the week-long holiday to buy new electronic gadgets, Tsai said.
That helped explain why shipments to China, including Hong Kong, gained 16.8 percent from a year earlier to US$10.27 billion last month, making it Taiwan’s largest export market with a 39.9 percent share, the ministry’s report showed.
Exports to ASEAN nations totaled US$4.94 billion, rising 16.4 percent from a year earlier, as emerging economies in the trade bloc grew into the nation’s second-largest trade partner, the report said.
Demand for large flat panels gained popularity as evidenced by a 20.4 percent pickup to US$1.02 billion, a rare sign of late, Tsai said, attributing the phenomenon to low inventory in China.
Semiconductors retained their status as the main growth driver, increasing 25 percent year-on-year to US$7.55 billion last month, accounting for 29.4 percent of overall shipments, the report said.
Local chipmakers, camera lens vendors and other electronics component suppliers are helping global technology leaders, such as Apple Inc, redesign their smartphones and other devices that are set to hit the market later this year, Tsai said.
“That will continue to supply the catalyst for growth this quarter and beyond,” she said.
Meanwhile, recovering crude oil prices and global economy energized investment interest.
Imports grew at a faster pace of 19.8 percent to US$21.78 billion last month, diminishing the nation’s trade surplus by 13.2 percent to US$3.93 billion, the report said.
Imports of raw materials and capital equipment jumped 24.8 percent and 21.5 percent to US$15.14 billion and US$3.78 billion respectively, the report said.
For the first quarter, exports increased 15.1 percent to US$72.12 billion, while imports gained 21.6 percent to US$61.32 billion, the fastest pace of gain in six years, it said, adding that the cumulative trade surplus weakened 11.8 percent to US$10.79 billion.
SEMICONDUCTORS: Under India’s chipmaking incentive plan, the government would bear half the cost of any approved project, with an initial budget of US$10 billion for the task The Indian government, after years of watching from the sidelines of the chips race, now has to evaluate US$21 billion of semiconductor proposals and divvy up taxpayer support between foreign chipmakers, local champions or some combination of the two. Israel’s Tower Semiconductor Ltd is proposing a US$9 billion plant, while India’s Tata Group has put forward an US$8 billion chip fabrication unit, people familiar with the matter said. Both projects would be in Indian Prime Minister Narendra Modi’s home state of Gujarat, the people said. Semiconductors have grown into a key geopolitical battleground, with the US, Japan and China investing heavily in
CHIEF OPERATING OFFICERS: Y.J. Mii, who is in charge of R&D, and Y.P. Chyn, who is responsible for fab operations and management, start their new positions today Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday promoted Y.J. Mii (米玉傑) and Y.P. Chyn (秦永沛) as co-chief operating officers (COO) of the world’s biggest contract chipmaker, signaling the formation of a succession team. The latest executive reshuffle comes after TSMC chairman Mark Liu (劉德音) in December last year announced that he is to retire this year. CEO C.C. Wei (魏哲家) has been recommended as his successor while continuing to serve in his current position. Mii and Chyn, as well as the company’s human resources, finance, legal and corporate planning units, are to report directly to Wei, a company statement released after the
AI PRIORITIZED: Analysts said the move was a good strategic decision for Apple, which was still years away from producing a vehicle and facing a cooling market Apple Inc is canceling a decade-long effort to build an electric vehicle (EV), people with knowledge of the matter said, abandoning one of the most ambitious projects in the history of the firm. Apple made the disclosure internally on Tuesday, surprising about 2,000 employees working on the project, the sources said. The decision was shared by Apple chief operating officer Jeff Williams and Kevin Lynch, a vice president in charge of the effort, the sources said. The two executives told staff that the project would begin winding down and that many employees on the EV team — known as the Special Projects Group
The Japanese government-backed research group developing semiconductors is to partner with US start-up Tenstorrent Inc on the design of its first advanced artificial intelligence (AI) chip. Tenstorrent, led by Tesla Inc and Apple Inc veteran Jim Keller, would license its design for part of Japan’s AI accelerator and also codesign the overall chip, the US company said yesterday at a joint event in Tokyo. Working with the open-source RISC-V standard, Tenstorrent aims to provide customers with an alternative to the leaders Nvidia Corp and Arm Holdings PLC, who have their own so-called instruction sets to communicate between hardware and software. The government is