TAIPEI (Reuters – Taiwan’s November exports rose by 17 percent to a record high, as Taiwanese manufacturers benefited from the sustained consumer electronics demand in next year’s end shopping season. Also, there was a worldwide shortage of computer chip supplies.

The Ministry of Finance reported Tuesday that exports in the last month rose by 30.2% to $41.58 Billion, a record high, surpassing the previous year.

An analyst poll by Reuters had predicted a 23% increase in November, compared to a 2.6% increase in October.

According to the ministry, the increase was due to high demand for tech products at the festive season when many vendors launch new models of smartphones.

This was due in part to the strong demand for chip chips. A shortage has caused global car plant shutdowns and is now affecting electronic consumer goods.

The November exports of electronics and telecommunication products increased 19.5% to $5.69 Billion. Semiconductor exports grew 26.7% compared with a year ago.

Taiwan Semiconductor Manufacturing Co Ltd, (TSMC), is a major supplier to Apple Inc (NASDAQ) and other tech titans around the world. They also provide chips for automobile companies as well as lower-end consumer electronics.

Ministers warned that there were risks ahead. They included uncertainties over the COVID-19 pandemic and supply chain problems.

However, it stated that strong growth should continue with the holiday season, traditionally a busy period for Taiwan’s technology firms. This will help exports and a steady improvement of global economic fundamentals.

Beatrice Tsai from the Ministry said that fourth-quarter exports were expected to reach an all time high.

The November trade surplus to China (Taiwan’s biggest trading partner) jumped 18.9% annually to $17.14 Billion, while the US exports jumped 39.2%.

The increase in imports was 33.8% higher than economists expected. This is a rise of 25.45% and a jump of 37.2% for October.

According to the ministry, Taiwan may see its December exports rise by between 21% and 25% compared with a previous year.

China’s November export growth slumped due to a weakening economy, a stronger yuan and rising costs.