Taiwan's economy roars ahead with record 13.7% GDP growth in early 2024
Taiwan’s economy and stock market have seen a dramatic surge in early 2024. Record-breaking growth in exports and a booming tech sector drove first-quarter GDP up by 13.7%—the fastest expansion since 1987. Investors responded eagerly, pushing market activity to new highs across multiple measures. The surge began with exports, which soared 61.8% in March compared to the same month last year. Shipments reached a record $80 billion, largely fuelled by global demand for AI-related semiconductors. This export boom helped lift Taiwan’s first-quarter GDP growth to 13.7%, marking the strongest performance in nearly four decades.
Stock market activity followed suit. The TWSE Index jumped 22.7% in April alone, while total market capitalisation rose 18% to $4 trillion. Technology stocks dominated trading, accounting for 79% of market turnover during the month. Investor confidence also surged, with margin loan balances hitting a record NT$641 billion—a 23% increase from March. Daily trading volumes averaged NT$1.23 trillion, up 187% from the previous year. Meanwhile, Taiwan-listed exchange-traded funds (ETFs) attracted NT$1.5 trillion in new assets since January, reflecting strong demand from both local and international investors.
The combination of AI-driven exports and surging investor activity has reshaped Taiwan’s financial landscape. With record trading volumes, rising market valuations, and unprecedented margin lending, the economy shows clear signs of momentum. Analysts will now watch whether this growth trajectory continues in the coming months.
