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Taiwan's October exports surge again on strong AI demand

By Reuters News

TAIPEI, Nov 9 (Reuters) - Taiwan's exports rose more than expected to a record monthly level for a third straight month in October, boosted by demand for the island's AI chips and technology.

Here are some details from the finance ministry statement released on Monday.

• Exports last month jumped 58.9% from a year earlier to $96.76 billion, topping analysts' forecasts for a 50% rise and following September's $87.22 billion. The gain was broadly in line with September's 60.9% hike and marked the 36th straight month of annual growth.

• Exports to the US surged 55.9% in October from a year earlier to $32.93 billion, while those to China jumped 42.9%.

• Exports of electronic components rose 61.4% to $32.68 billion, a new monthly high.

• Imports rose sharply by 75.1% to $68.89 billion, above economists' forecasts for an increase of 54.5%.

• AI applications, high-performance computing and cloud services continued to grow.

• Export growth is expected to extend into the fourth quarter thanks to the end-of-year holiday shopping season and chip demand for AI infrastructure. For November, the ministry expects exports to rise 47% to 51% from a year earlier.

• Taiwanese companies including TSMC 2330.TW, the world's largest maker of advanced chips used to power AI applications, are major suppliers to Nvidia NVDA.O, Apple AAPL.O and other leading tech companies.

• The ministry's website is at https://www.mof.gov.tw

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