Taiwan October Exports Hit Record $96.76 Billion on AI Server Surge

Taiwan's exports rose 58.9% year on year in October to a record $96.76 billion, the Ministry of Finance said on Monday. The figure beat every forecast. Economists polled by Bloomberg expected 50.0% growth. The ministry itself had guided to 40% to 44% just a month earlier. October topped September's previous monthly record of $87.22 billion by 10.9%.

AI hardware drove the beat. Exports of information, communication and audio-video products, the category that includes servers, climbed 72.9% to $47.60 billion. That share equals 49.2% of total exports. Electronic parts, the category that includes chips, rose 61.4% to $32.68 billion, another 33.8%. Together the two categories accounted for 83.0% of all October shipments.

Imports tell the same story from the other side of the supply chain. They jumped 75.1% to $68.89 billion, far above the Bloomberg consensus of 54.5%. Electronic parts led the increase, up 109.3%. Imports of ICT products surged 126.4%. The inflow of components reflects assembly work ahead of future server exports. The trade surplus for October stood at $27.88 billion.

Which market now buys the most from Taiwan?

The United States has become Taiwan's largest export market. Shipments to the U.S. rose 55.9% to $32.93 billion, or 34.0% of October exports. Exports to mainland China and Hong Kong grew more slowly, up 42.9% to $20.44 billion. ASEAN demand jumped 83.8% to $18.46 billion. Europe took in $5.95 billion, up 46.0%.

The ten-month figures confirm the shift. Exports for January through October reached $758.29 billion, up 47.7% from a year earlier. The U.S. absorbed 31.7% of that total. China and Hong Kong took 23.8%. The gap marks a reversal of the long-standing pattern in which the mainland was Taiwan's top customer, and it reflects where AI server demand is concentrated.

The market-by-market numbers for the period:

• U.S.: $32.93 billion in October, +55.9%; $240.71 billion for January-October, +58.8%
• China and Hong Kong: $20.44 billion, +42.9%; $180.53 billion cumulative, +30.0%
• ASEAN: $18.46 billion, +83.8%; $152.41 billion cumulative, +56.1%
• Europe: $5.95 billion, +46.0%; $48.13 billion cumulative, +48.5%

The release landed as Taiwan's stock market rebounded from last week's chip-stock rout. Strong trade data offered a counterweight to investor concern about the durability of AI hardware spending. Server assembly and chip shipments remain the island's growth engine, and the current account surplus continues to widen on the back of AI demand.

The October figures are preliminary. The Ministry of Finance will publish revised data and November results on Dec. 9, and the export run-rate suggests record totals will keep coming if AI server orders hold.

By Grace Kim, Chip Dispatch