Before new sanctions on Chinese giant Huawei were set to kick-off from 15th September, the company had started stockpiling the necessary components to ensure that the business doesn’t go under.
Thanks to that stockpiling from Huawei, Taiwan has witnessed a rise in exports for the month of September. As per the report, the exports jumped 9.4 percent from a year earlier to $30.71 billion last month.
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This is the second-highest monthly tally on record as far as exports from Taiwanese firms are concerned. The month of August had also witnessed a rise in export — an 8.3 percent increase, helped by Huawei.
For those who are unaware, the Trump administration expanded restriction on Huawei in the month of August and banned suppliers from selling chips made in the U.S. or using U.S. technology to Huawei without a special license. The new sanctions took effect in mid-September and thus, the Chinese giant had started stockpiling components.
It’s noteworthy that Taiwan’s September imports unexpectedly fell by 5.4 percent, against economists’ expectations for a 3 percent increase. As per the report, Taiwan, which has China as its largest trading partner, could see around 2 percent exports this month, i.e. October 2020, said Taiwan’s finance ministry.
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