Taiwan July exports drop less than forecast, AI seen helping momentum

TAIPEI: Taiwan’s exports fell for an 11th straight month in July, though by less than expected as weak demand for its high-tech products from the U.S. and China was countered by growing momentum in artificial intelligence applications.

July exports dropped 10.4% in value from a year earlier to $38.73 billion, the finance ministry said on Tuesday. That was better than a 23.4% fall in June – the worst slump in almost 14 years – and beat a Reuters poll forecasting a 20.1% contraction.

Taiwan’s export-reliant economy returned to growth in the second quarter, helped by resilient domestic consumption but exports remained weak, the government said last week.