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A much bigger rise in Korea's trade surplus compared to Taiwan's may explain why TSMC is interested in making a particular move, according to Brad Setser. Setser highlighted the disparity in trade surplus increases between the two economies as a possible factor behind TSMC's considerations.
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Setser has previously noted that China’s growth is heavily dependent on net exports, with a 1.2 percentage point year-to-date contribution that may be underestimated, according to his analysis in a prior article. He has also highlighted that U.S. gold trade tracking should account for a surge in gold bar imports during the first quarter of 2025, as detailed in another recent report. These observations provide context for his ongoing focus on global trade and export trends.