Taiwan ranked 15th in the world by export value last year at US$345.21 billion, gaining two places from a year earlier amid its strongest performance in 16 years, the Ministry of Finance said on Thursday, citing WTO data.
The improvement came after exports grew 4.9 percent annually and imports rose 0.3 percent, bucking the world’s more than 7 percent decline in exports and imports, the ministry said.
Global exports were US$17.6 trillion and imports were US$17.8 trillion, shrinking 7.6 percent to the weakest in four years, as many parts of the world locked down amid the COVID-19 pandemic, which also hampered trade flows.
Photo: CNA
Taiwanese tech firms benefitted from the surge in demand for laptops, tablets, TVs and other devices used in remote working and schooling, as well as for emerging technologies such as 5G smartphones, artificial intelligence and Internet of Things applications, the ministry said.
Taiwan accounted for 2 percent of the world’s overall exports and 1.6 percent of its imports, it said.
China topped the survey in exports and finished second in imports behind the US, as it has maintained a manufacturing edge and created added value, the ministry said.
China has since 2009 replaced Germany and the US as the world’s largest exporter, making up 14.7 percent of global outbound shipments last year, it said.
Germany was third in exports, followed by the Netherlands, Japan, Hong Kong and South Korea, it said.
Singapore was 14th, one place higher than in 2019.
The US is the world’s largest importer and second-largest exporter.
The pandemic affected the rankings, as economies that more effectively controlled the virus gained headway, the ministry said.
That could explain why Taiwan and Hong Kong moved up, while Spain and Russia saw their ranking sliding.
Taiwan brought COVID-19 largely under control in May last year, allowing local manufacturers to win order transfers from competitors in other countries.
Germany, Japan, Singapore, South Korea and the US all made smaller contributions to global exports last year.
The outlook remains bright for Taiwan’s exports, as most firms are confident output would increase over the next year, according to a survey released on Thursday by IHS Markit, an international research body.
“Many firms are hopeful the pandemic would come to an end and that customer demand would continue to thrive,” IHS Markit said, adding that the degree of optimism was at a near seven-year high.
Authorities have detained three former Taiwan Semiconductor Manufacturing Co (TMSC, 台積電) employees on suspicion of compromising classified technology used in making 2-nanometer chips, the Taiwan High Prosecutors’ Office said yesterday. Prosecutors are holding a former TSMC engineer surnamed Chen (陳) and two recently sacked TSMC engineers, including one person surnamed Wu (吳) in detention with restricted communication, following an investigation launched on July 25, a statement said. The announcement came a day after Nikkei Asia reported on the technology theft in an exclusive story, saying TSMC had fired two workers for contravening data rules on advanced chipmaking technology. Two-nanometer wafers are the most
DEFENSE: The first set of three NASAMS that were previously purchased is expected to be delivered by the end of this year and deployed near the capital, sources said Taiwan plans to procure 28 more sets of M-142 High Mobility Artillery Rocket Systems (HIMARS), as well as nine additional sets of National Advanced Surface-to-Air Missile Systems (NASAMS), military sources said yesterday. Taiwan had previously purchased 29 HIMARS launchers from the US and received the first 11 last year. Once the planned purchases are completed and delivered, Taiwan would have 57 sets of HIMARS. The army has also increased the number of MGM-140 Army Tactical Missile Systems (ATACMS) purchased from 64 to 84, the sources added. Each HIMARS launch pod can carry six Guided Multiple Launch Rocket Systems, capable of
CHINA’s BULLYING: The former British prime minister said that he believes ‘Taiwan can and will’ protect its freedom and democracy, as its people are lovers of liberty Former British prime minister Boris Johnson yesterday said Western nations should have the courage to stand with and deepen their economic partnerships with Taiwan in the face of China’s intensified pressure. He made the remarks at the ninth Ketagalan Forum: 2025 Indo-Pacific Security Dialogue hosted by the Ministry of Foreign Affairs and the Prospect Foundation in Taipei. Johnson, who is visiting Taiwan for the first time, said he had seen Taiwan’s coastline on a screen on his indoor bicycle, but wanted to learn more about the nation, including its artificial intelligence (AI) development, the key technology of the 21st century. Calling himself an
South Korea yesterday said that it was removing loudspeakers used to blare K-pop and news reports to North Korea, as the new administration in Seoul tries to ease tensions with its bellicose neighbor. The nations, still technically at war, had already halted propaganda broadcasts along the demilitarized zone, Seoul’s military said in June after the election of South Korean President Lee Jae-myung. It said in June that Pyongyang stopped transmitting bizarre, unsettling noises along the border that had become a major nuisance for South Korean residents, a day after South Korea’s loudspeakers fell silent. “Starting today, the military has begun removing the loudspeakers,”
RSS