TAIPEI, (Reuters) – Taiwan’s March exports increased for the 21st consecutive month, a record that was in line with predictions. This is due to continued strong demand in tech, but the government cautioned about supply chain uncertainties and the effects of war in Ukraine.

The Ministry of Finance reported Friday that exports increased 21.3% to $43.5 billion last month, compared with a year ago. This is the highest monthly number ever recorded.

According to Reuters, analysts expected a 21% increase in March. This compares with a 34.88% jump in February.

According to the ministry, March saw strong demand for semiconductors and electronic components. Companies also increased their orders in order to provide supplies.

The March exports of electronic components rose 35.6% to $18.24 million, also a monthly high, and semiconductor exports grew 38.2% over a previous year.

Companies expect that global chip shortages will last for at least the remainder of the year. This will allow Taiwanese firms to continue filling their order books.

TSMC, which is the world’s biggest contract chip-maker, supplies major parts to Apple Inc (NASDAQ) and other tech titans around the globe. They also supply chips for automobile companies as well as lower-end consumer electronics.

Friday’s TSMC report on March sales was T$171.97 Billion ($5.95 Billion), an increase of 33.2% over the previous year.

According to the finance ministry, “enormous demand” for chips will continue driving exports. However, it warned about uncertainty due to the COVID-19 pandemic and ongoing conflict in Ukraine.

Beatrice Tsai from the Ministry said that while the first quarter of the year would see double-digit increases, it was hard to predict rapid growth for the second.

March’s exports to China, Taiwan’s most important trading partner, rose 13.4% annual to $18.03 Billion, as compared to a 39.9% year-over-year increase in February. Meanwhile, exports to the United States increased 36.6%. It was slightly lower than the 40.3% growth recorded in the preceding month.

After a 35.3% increase in February, imports jumped 20.3%. This is in line with economists’ expectations for a rise of 20.5%.

The finance ministry stated that Taiwan may see its April exports rise by between 13% and 17% over a previous year.

($1 = 28.8830 Taiwan dollars)