Taiwan’s exports totaled US$479.4 billion last year, accounting for 1.9 percent of global volume, or 17th in the world, down one place from a year earlier, the Ministry of Finance said yesterday, citing WTO data.
The drop in ranking came amid an increase in global trade by 11.5 percent to US$24.9 trillion, despite a global slowdown induced by inflation and monetary tightening, the ministry said.
China retained first place with a trade volume of US$3.59 trillion, or a 14.4 percent share, followed by the US at US$2.06 trillion, Germany’s US$1.66 trillion, Japan’s US$746.9 billion and South Korea’s US$683.6 billion, it said.
Photo: CNA
Hong Kong ranked 10th with US$609.9 billion and Singapore was 16th with US$515.8 billion, putting Taiwan behind major trade rivals.
China in 2009 overtook Germany and the US as the world’s largest exporter, as it has grown to become a major part of global supply chains due to its demographic advantages, the ministry said.
China retained its top spot despite COVID-19 lockdowns of major Chinese cities for most of last year.
Taiwan’s global share of exports rose 0.3 percentage points, while Japan and Germany lost ground, the ministry said.
Taiwan, home to the world’s largest chip suppliers, has been affected by a global inventory adjustment cycle for technology products since the second half of last year, it said.
The US topped the list of nations for most imports followed by China, Germany, the Netherlands and Japan, it said.
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