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.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS