Taipei, March 8 (CNA) Taiwan's exports rose more than 30 percent from a year earlier in February, marking the 16th consecutive month of year-on-year increases, with the United States as the largest buyer, according to the Ministry of Finance (MOF).
Data compiled by the MOF showed the country's exports rose 31.5 percent from last year to hit US$41.31 billion in February, which exceeded the ministry's earlier forecast of US$36.5 billion to US$37.7 billion and represented a 16-20 percent year-on-year increase.
Among the major buyers, the U.S. purchased US$11.77 billion worth of Taiwanese goods, accounting for 28.5 percent of Taiwan's total outbound sales. This marked the first time since 24 years ago the U.S. has replaced China and Hong Kong to become Taiwan's largest trade partner.
Beatrice Tsai (蔡美娜), director-general of the ministry's Department of Statistics, noted the strong performance of Taiwan's exports was due to the growing popularity of cutting-edge technologies such as artificial intelligence applications and high-performance computing devices. Tsai also highlighted how foreign buyers rushed to make purchases to build up inventories due to concerns over potential tariffs from the Trump administration.
The rise in exports is partly attributed to the increased number of working days in February this year compared to the same month last year, where the Lunar New Year holiday had affected production schedules.
Among the major sectors, the information communications and video/audio industry reported the highest growth, with exports hitting US$14.07 billion, surging 65.5 percent from the previous year. The electronics component industry followed closely with exports of US$14.44 billion, representing a 24.6 percent increase.
Optoelectronics and precision equipment manufacturers reported $881 million worth of exports, up 14.7 percent from last year. Meanwhile, the base metal, machinery, mineral items, and plastics/rubber industries were also on the rise, with export values increasing by 16.5 percent, 14.0 percent, 22.4 percent, and 6.8 percent, respectively.
Taiwan's imports rose sharply as well, totaling US$34.76 billion in February, which is up 47.8 percent from the previous year, causing the trade surplus to decrease to US$6.55 billion, down 17.1 percent compared to last year.
Analyzing the broader picture, over the first two months of 2025, Taiwan's exports increased by 16.8 percent on the year to US$80.02 billion, against imports which rose by 9.3 percent to US$63.49 billion. This resulted in a trade surplus for the two-month period of US$16.53 billion, reflecting a 58.8 percent increase year-on-year.
Notably, imports from South Korea surged up to US$7.94 billion, marking an impressive 58.8 percent increase from the previous year during this two-month period, making South Korea the second largest supplier of imports, following China and Hong Kong with U.S$12.06 billion worth of goods sold to Taiwan, which itself reflected only a 6.7 percent year-on-year rise.
Looking forward, Tsai forecasted Taiwan's exports to range between US$41.4 billion and US$42.6 billion for March, with predictions of year-on-year growth hovering between negative 1 percent to positive 2 percent due to already high comparison bases from the prior year. Nevertheless, Taiwan's outbound sales are projected to increase by 10-11.2 percent year-on-year, reaching between US$121.42 billion and US$122.62 billion for the first quarter of 2025, primarily driven by advancements and investments in new technologies.
By Chang Ai and Frances Huang