Taiwan’s share of China’s imports continued to lag behind South Korea’s last year and ranked fifth among China’s major import sources, the Ministry of Economic Affairs (MOEA) said in a statement on Saturday.
Citing statistics released by China’s customs authorities, the ministry said Taiwan secured an 8.4 percent share of China’s total imports for the first 11 months of last year, lagging behind South Korea’s 10 percent share.
However, Taiwan overtook South Korea in terms of growth in exports to China for the 11-month period, posting a 37.9 percent year-on-year increase compared with South Korea’s 37.4 percent rise, the ministry said.
South Korea maintained a higher market share than Taiwan mainly because of its dominant position in optical products, particularly in the flat-panel sector, as well as in organic chemicals and plastic products, the ministry said.
Taiwan excelled in man-made fiber exports to China, occupying the top spot on the list of China’s main import sources, and it ranked second in shipments of electronics and electric appliances.
Taiwan accounted for a bigger share of China’s imports than South Korea, its biggest industrial rival, until 2004, and has been unable to narrow the gap since then.
However, with the “early harvest” program under the Economic Cooperation Framework Agreement (ECFA) with China that took effect on Saturday, more than 500 products made in Taiwan can now enter China duty free or at lower tariff rates, which should help boost the nation’s overall exports to China in the New Year, the ministry said.
Moreover, it added, China’s launch of its 12th Five-Year Plan at the beginning of this year will bring new opportunities to Taiwan’s old economy and emerging industries.
Because of these factors, the ministry forecast that Taiwan’s trade surplus with China could reach US$77 billion this year.
According to Chinese customs statistics, China imported US$1.25 trillion in goods last year, 40.5 percent higher than in 2009.
Japan remained China’s top source of imports, with a 12.6 percent share, followed by the 27-member EU and the 10-member Association of Southeast Asian Nations (ASEAN).
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