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  • Writer's pictureBy The Financial District

Taiwan's 2023 Exports 3rd Best In Island’s History

Taiwan's exports for 2023 hit the third-highest annual level in history after outbound sales in December rose 11.8% from a year earlier on the back of solid demand for artificial intelligence-related gadgets, as reported by Chang Ai and Frances Huang for Central News Agency (CNA).

The country's exports last year totaled US$432.48 billion.

Data compiled by the Ministry of Finance (MOF) showed the country's exports last year totaled US$432.48 billion, the third highest after US$479.4 billion in 2022 and US$446.4 billion in 2021, with the 2023 figure down 9.8% from a year earlier.

In 2023, the electronic components industry, the backbone of Taiwan's exports, generated US$178.71 billion in exports, down 10.7% from a year earlier, with outbound sales posted by semiconductor suppliers falling 9.5% from a year earlier at US$166.62 billion.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Business created by AI applications helped Taiwan's exporters offset the impact of global demand weakness as a whole, at a time of high inflation and aggressive rate hikes by major central banks worldwide, the MOF said.

Imports for 2023 fell 17.8% from a year earlier to US$351.92 billion, with a trade surplus of US$80.56 billion, up 56.9% from a year earlier, the data indicated.

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