Merchandise trade surplus widens in May

Latest reading: In May, the trade balance was USD +17.9 billion, following a USD +14.4 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD +198.0 billion. Merchandise exports were up 51.7% in annual terms in May, following 39.0% growth in the previous month. Merchandise imports rose 54.9% in year-on-year terms in May, coming on the back of a 29.2% increase in the previous month. Both readings beat market expectations, linked to higher prices and volumes of trade in IT-related products. Imports were further inflated by higher energy costs.

Panelist insight: On the latest data, ING’s Lynn Song said: “Unsurprisingly, Taiwan's exports continue to be led by its major tech exports. The broader Machinery and Electrical Equipment category, which represents 84.5% of Taiwan's total exports, grew 62.7% YoY in May. Taiwan's semiconductor exports hit a four-month high of 58.3% YoY while computer and accessory exports saw 97.8% YoY growth in May. By export destination, Taiwan's exports saw a huge surge to Singapore, up 247.5% YoY in May. Singapore's proportion of Taiwan's total exports has risen from 6.7% in 2025 to 9.7% in 2026. This is likely focused in AI-driven semiconductor demand.”

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