Taiwan was the US’ seventh-largest trading partner last year, moving up one spot from the previous year, with two-way trade increasing by more than 24 percent year-on-year, an Executive Yuan trade report showed.
Bilateral trade between Taiwan and the US reached US$158.6 billion last year, up 24.2 percent from 2023, the report said, citing data from the US Department of Commerce.
Taiwan-US trade accounted for 2.97 percent of total US trade, it said.
Photo: Ritchie B. Tongo, EPA-EFE
US exports to Taiwan totaled US$42.336 billion last year, up 6 percent from a year earlier, while imports from Taiwan increased 32.5 percent to US$116.2 billion, it said.
As such, the US had a trade deficit of US$73.92 billion with Taiwan, an increase of 54.6 percent year-on-year — Washington’s sixth-largest deficit with a trading partner, the report said.
The Ministry of Economic Affairs has attributed the increase in Taiwan’s exports to the US to the effects of the trade war between Washington and Beijing, the government’s policy to encourage overseas Taiwanese businesses to invest in Taiwan, and artificial intelligence-driven demand for information and communications technology devices.
Meanwhile, a separate report from the ministry citing customs data said that automatic data processing equipment and components ranked first among Taiwan’s exports to the US last year, with an export value of US$51.494 billion, representing growth of 140.29 percent and accounting for 46.24 percent of total US-bound exports.
That was followed by integrated circuits (ICs), which had an export value of US$7.4 billion, marking a year-on-year increase of 111.66 percent and making up 6.65 percent of total US-bound exports, the report said.
The US was Taiwan’s seventh-largest IC export market last year, it said.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS