Mon, Jan 31, 2011 - Page 12 News List

Taiwan’s China market share faces ASEAN challenge

Staff writer, with CNA

Taiwan has been facing stronger competition from ASEAN in the Chinese market since China entered into a free-trade pact with the regional bloc early last year, according to the latest government statistics released on Friday.

The Bureau of Foreign Trade (BOFT) said market share in China fell to 8.3 percent last year from 8.5 percent in 2009, while that of ASEAN increased 0.5 percent to 11.1 percent over the same period.

The ASEAN-China Free-Trade Agreement (FTA) came into effect on Jan. 1 last year, making the grouping the world’s third-largest free-trade area.

Last year, Taiwan’s exports to China increased 37.1 percent year-on-year to a record US$114.75 billion, while its imports from China rose 47.1 percent to a new high of US$37.58 billion.

This left Taiwan with a trade surplus of US$77.17 billion — a year-on-year increase of 32.7 percent.

Taiwan remained China’s fifth-largest import source last year.

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