Goods exports jump by 53% to $667.9b in August

Merchandise exports surged by 53% YoY on strong demand for AI-related electronic products.

Total exports of goods rose by 53.0% year-on-year (YoY) in August to $667.9b, whilst imports of goods jumped by 60% to $739.1b, the Census and Statistics Department reported.

For the first eight months, the value of total exports of goods climbed by 42.5%. The value of imports of goods increased by 43.2%.

On a seasonally adjusted basis, the value of exports increased by 9.1% in the three months ending August, whilst the value of imports increased by 5.1%.

Total exports to Asia grew by 59.2% YoY, with a surge of 101.7% in Malaysia, 83.3% in Vietnam, 80.8% in Singapore, 71.7% in Taiwan, 61.7% in Thailand, and 61.2% in the Mainland.

Outside Asia, the value of exports to some major destinations also rose, led by Mexico at 68.8% and the USA at 64.2%.

Amongst major suppliers, Korea recorded the largest increase in imports at 265.8% YoY, followed by the UK at 111.6%, India at 107.7%, Malaysia at 78.7%, Vietnam at 67.2%, and the Mainland at 54.1%.

Merchandise exports continued to surge in August amidst robust demand for artificial intelligence-related electronic products, rising by 53% YoY in value terms and recording the nineteenth consecutive month of double-digit growth, a government spokesman said.

Total exports rose in several major commodity categories, led by electrical machinery, apparatus and appliances, and electrical parts, which increased by $135.7b, or 62.6%.

Office machines and automatic data processing machines followed, rising by $60.2b, or 131%.