Taiwan has emerged as the third-largest beneficiary of the diversion in trade flows that has resulted from the US-China trade dispute, Ministry of Finance statistics released on Wednesday showed.
China’s share of US imports fell to 17.73 percent in the first half of this year, down 2.56 percentage points compared with the same period last year, while imports from Mexico, Vietnam and Taiwan rose by 0.82 percentage points, 0.61 percentage points and 0.35 percentage points respectively, a ministry report said.
The US has so far seen its Chinese imports decline 12.4 percent year-on-year, the report said.
With the costs of Chinese imports rising, US companies have shifted to importing goods from other countries, with imports from Slovakia registering the biggest annual growth —107 percent — while imports from Vietnam and Taiwan increased by 33.4 percent and 20.2 percent respectively, the report said.
In related news, the government is reinforcing measures to manage exports amid the US-China trade dispute, which has reportedly prompted Chinese companies to sell products to the US via third locations, including Taiwan, by disguising or faking the origin of their products.
The government has drafted an amendment to the Foreign Trade Act (貿易法) to increase fines for contraventions of regulations governing the origin of products from NT$30,000 to NT$300,000 (US$956 to US$9559) to NT$60,000 to NT$3 million and add a whistle-blowing clause to the law to prevent products passing through Taiwan to mask their origins, the Ministry of Economic Affairs said on Wednesday.
The proposal has been approved by the Cabinet and is to be submitted to the Legislative Yuan for review.
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