Taiwan Stronger than expected Rebound in August Exports, Led by Tech

Economics Research 9 September 2026 | 6:07PM KST

Taiwan: Stronger-than-expected Rebound in August Exports, Led by Tech

Bottom line: Irene Choi | Goldman Sachs (Asia) L.L.C., Seoul Taiwan’s exports increased by 6.2% mom sa (seasonally adjusted by GS) in August, Branch

rebounding from a -0.9% decline in the previous month. The reading was above Goohoon Kwon, CFA | Bloomberg consensus and our forecast, reversing the negative surprises seen in the Goldman Sachs (Asia) L.L.C. prior two months. Tech exports accounted for all of the headline sequential gains. By destination, exports to ASEAN and the US increased by 10.4% and 4.3% mom sa, respectively, and together accounted for roughly half of the headline sequential increase. Imports rebounded by 7.2% mom sa, and the trade surplus (not seasonally adjusted) widened to a new historic high of US$22.3bn, up from US$17.2bn in the prior month.

August exports: +41.0% yoy; Bloomberg consensus: +34.7% yoy; GS forecast: +36.0% yoy; Previous: 32.9% yoy.

August imports: +44.3% yoy; Bloomberg consensus: +40.1% yoy; Previous: +37.4% yoy.

August trade balance: US$22.3bn NSA; Previous: US$17.2bn.

1. Taiwan’s exports increased by 6.2% mom sa (seasonally adjusted by GS) in August, rebounding from a -0.9% decline in the previous month. In year-on-year terms, growth accelerated to 41.0% in August, up from 32.9% in July. The reading was above Bloomberg consensus and our forecast, reversing the negative surprises seen in the prior two months. 2. Tech exports accounted for all of the headline sequential gains, with exports of information, communication, and audiovisual products (which include AI servers) rebounding sharply to 14.5% mom sa (seasonally adjusted by GS). Exports of electronic components, which include high-end CPU chips, sustained a robust pace of gains at 7.3% (Exhibit 1). Other exports generally stayed flat. 3. By destination, exports to ASEAN and the US increased by 10.4% and 4.3% mom sa (seasonally adjusted by GS), respectively, and together accounted for roughly

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half of the headline sequential increase (Exhibit 2). Exports to other Asian destinations were also strong, with exports to Japan accelerating to 8.3% and exports to mainland China extending gains by 3.5%. Exports to the EU partly offset these gains by declining 10.3%. 4. Imports also rebounded by 7.2% mom sa (seasonally adjusted by GS), reversing a -5.5% contraction in the prior month. Imports rose broadly across major categories, including capital goods and raw materials. In year-on-year terms, import growth picked up to 44.3% from 37.4% the previous month, also coming in slightly above the Bloomberg consensus forecast. The trade surplus (not seasonally adjusted) widened to a new historic high of US$22.3bn, up from US$17.2bn in the prior month.

Exhibit 1: Stronger-than-expected rebound in exports, led by tech

Index (Dec 2024=100) Index (Dec 2024= Taiwan's exports in US$, by product breakdown Total 300 300 Electronic components Machinery 250 Others 250 Information communication and audiovisual products & electrical appliances

Source: Ministry of Finance, Haver Analytics, Goldman Sachs Global Investment Research