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Huawei’s stockpiling of chips drives up Taiwan exports for second consecutive month
- Exports jumped 9.4 per cent from a year earlier to US$30.71 billion in September, following an 8.3 per cent increase in August to a record US$31.2 billion
- Taiwan’s finance ministry said exports were also driven by the start of the peak shopping season for electronics
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Taiwan’s exports rose in September, boosted again by Chinese telecommunications giant Huawei Technologies’ rush to get in orders at Taiwanese firms before they had to comply with US curbs that took effect last month.
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Exports jumped 9.4 per cent from a year earlier to US$30.71 billion in September, the second-highest monthly tally on record, Taiwan’s finance ministry said on Wednesday. A Reuters poll had forecast a rise of 6.6 per cent for the month.
In August, Taiwan’s exports rose 8.3 per cent to a record high of US$31.2 billion amid high demand of chips and other hi-tech components from Huawei.
Apart from Huawei’s efforts to stockpile supplies before the US restrictions kicked in, Taiwan’s finance ministry said exports were also driven by the start of the peak shopping season for electronics.
The Trump administration in August expanded its curbs on Huawei, the world’s largest telecoms gear maker and China’s biggest smartphone vendor. Washington banned suppliers from selling chips made using US technology to the Chinese company without a special licence. That came on top of May restrictions, which fully took effect on September 14.
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