Taiwan's Gogoro expands battery swapping to the Philippines.
Taiwan's exports saw a significant drop of 18.1% in August 2024, marking the 12th consecutive month of decline and reaching US$31.69 billion. Imports also decreased by 2.5% to US$29.38 billion, resulting in a trade surplus of US$2.31 billion, a year-on-year decrease of 40.8%. Integrated circuit exports experienced a notable decrease of 16%, while plastic and rubber product exports declined by 21.6%. The Ministry of Finance attributed the continued export slump to sluggish global demand for consumer electronics and weak economic performance from key trading partners like China and ASEAN countries. However, there's optimism for improvement in the coming months due to anticipated launches of new consumer electronics and a gradual global economic recovery.
