TAIPEI (Taiwan News) — Taiwan is on track to record its second-highest year ever for exports, driven by AI and the semiconductor industry, the Ministry of Finance announced on Monday (Dec. 9).

Exports for the year are projected to reach around US$474 billion (NT$15.371 trillion), with an annual growth rate between 9.4% and 9.7%, according to ministry data cited by CNA. Finance Ministry Statistics Director Tsai Mei-na (蔡美娜) said Taiwan’s semiconductor supply chain and technological expertise continue to be key drivers of export growth.

Preliminary trade data for November showed exports totaling US$41.09 billion, up 9.7% year-on-year. Imports for November rose 19.8% to US$33.16 billion, leaving a trade surplus of US$7.92 billion.

For the first 11 months of the year, exports grew 9.9% to US$431.5 billion, while imports increased 10.6% to US$357.13 billion. Both figures are the second-highest on record for the same period.

December exports are expected to total between US$41.7 billion and US$42.9 billion, with annual growth of 4.5% to 7.5%.

Despite robust growth overall, Tsai noted potential challenges for electronic components. She said global supply chain restructuring and increased local production by Taiwanese companies have shifted some integrated circuit production to domestic sales, potentially leading to a decline in electronic components exports for the second consecutive year.

When asked about the potential effects of recent unrest in South Korea, Tsai said there had been reports of possible order shifts in sectors such as display panels, memory chips, and passive electronic components. However, she said the scale and impact of this remains unclear.