TAIPEI (Taiwan News) — Taiwan's export orders soared by over 20% last December compared to the previous year's period, according to the Ministry of Economic Affairs.

The MOEA announced Tuesday that Taiwan’s export orders for December 2024 totaled US$52.92 billion (NT$1.73 trillion), an increase of US$650 million or 1.2% from the previous month and a seasonally adjusted increase of 1.9%. This represented a year-on-year increase of US$9.11 billion or 20.8%, marking the 10th consecutive month of growth. 

Cumulatively, export orders for the entire year reached US$589.54 billion, up 5.1% from 2023. This ended two consecutive years of negative growth and achieved the third-highest annual growth record in history.

By product category, the MOEA said that strong demand for emerging technology applications continued to boost orders for electronics and information and communication products in December, with year-on-year growth of 33.5% and 24.3%, respectively. Optical instruments also saw a 17.7% year-on-year increase, driven by pre-Lunar New Year inventory stocking, growth in panel orders, and sustained demand for optical inspection and measurement equipment.

Robust demand for emerging technology applications spurred growth in semiconductor equipment orders, leading to a 6.0% year-on-year increase in machinery. Orders for plastic and rubber products grew by 5.5% due to pre-Lunar New Year inventory stocking. 

However, basic metals and chemicals experienced year-on-year declines of 4.5% and 0.6%, respectively, due to overseas competitors undercutting prices to secure orders.