Taiwan’s exports rose more than expected to a record monthly level for a second straight month in September, lifted by demand for the island’s AI chips and technology. The growth in demand comes despite concerns about AI safety, inflation, and increased energy costs from the war between the US and Iran.
The trade surplus widened to USD23.6b in Sep-26 (Aug-26: USd22.3b), supported by the increase in exports relative to imports growth. The widening surplus reflects continued strength in technology-related exports, particularly products linked to artificial intelligence (AI), cloud computing and advanced semiconductor-related activities.
Exports surged +60.9%yoy to a record USD87.2b in Sep-26 (Aug-26: +41.0%yoy), marking to 35 consecutive month of expansion. The strong performance was driven mainly by information, communication and audio-video products (+103.0%yoy), as well as electronic components (+45.3%yoy), reflecting continued global demand for AI-related infrastructure and technology products. By destination, exports to the US rose sharply by +106.2%yoy, while exports to China increased +30.2%yoy.
Concurently, imports increased +51.7%yoy to USD63.6b in Sep-26, accelerating from +44.3%yoy previously and exceeding market expectations. The rise in imports was supported by growing demand for technology-related products, machinery and intermediate inputs, consistent with continued expansion in semiconductor and AI-related production activities. The latest trade data reinforces the view that the global technology cycle remains supportive, with AI-related demand continuing to drive exports across the semiconductor supply chain. The stronger-than-expected export performance suggests demand for advanced chips, AI servers and related technology infrastructure remains robust despite concerns surrounding inflation, higher energy costs and global growth uncertainties.
Looking ahead, MBSB in its research note pointed out that Taiwan’s exports are likely to remain supported by continued investments in AI infrastructure, cloud computing and high-performance computing. However the house sees export growth is moderating from the exceptionally strong pace recorded in recent months as base effects become less favourable and external demand gradually normalises.
