Taiwan ranked as 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.
Photo: Reuters
Taiwan-US trade accounted for 2.97 percent of total US trade, it said.
The report also showed that US exports to Taiwan totaled US$42.336 billion, up 6 percent from a year earlier, while imports from Taiwan increased 32.5 percent to US$116.2 billion.
As such, the US had a trade deficit of US$73.92 billion with Taiwan, an increase of 54.6 percent year-on-year and 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 Taiwan customs data said that last year, automatic data processing equipment/components and integrated circuits (ICs) ranked as the top two export products to the US.
Automatic data processing equipment/components ranked first among Taiwan's exports to the US, 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, the report showed.
ICs followed, with an export value of about 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 added.
Chinese Nationalist Party (KMT) Chairman Eric Chu (朱立倫), spokeswoman Yang Chih-yu (楊智伃) and Legislator Hsieh Lung-chieh (謝龍介) would be summoned by police for questioning for leading an illegal assembly on Thursday evening last week, Minister of the Interior Liu Shyh-fang (劉世芳) said today. The three KMT officials led an assembly outside the Taipei City Prosecutors’ Office, a restricted area where public assembly is not allowed, protesting the questioning of several KMT staff and searches of KMT headquarters and offices in a recall petition forgery case. Chu, Yang and Hsieh are all suspected of contravening the Assembly and Parade Act (集會遊行法) by holding
PRAISE: Japanese visitor Takashi Kubota said the Taiwanese temple architecture images showcased in the AI Art Gallery were the most impressive displays he saw Taiwan does not have an official pavilion at the World Expo in Osaka, Japan, because of its diplomatic predicament, but the government-backed Tech World pavilion is drawing interest with its unique recreations of works by Taiwanese artists. The pavilion features an artificial intelligence (AI)-based art gallery showcasing works of famous Taiwanese artists from the Japanese colonial period using innovative technologies. Among its main simulated displays are Eastern gouache paintings by Chen Chin (陳進), Lin Yu-shan (林玉山) and Kuo Hsueh-hu (郭雪湖), who were the three young Taiwanese painters selected for the East Asian Painting exhibition in 1927. Gouache is a water-based
Taiwan would welcome the return of Honduras as a diplomatic ally if its next president decides to make such a move, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said yesterday. “Of course, we would welcome Honduras if they want to restore diplomatic ties with Taiwan after their elections,” Lin said at a meeting of the legislature’s Foreign Affairs and National Defense Committee, when asked to comment on statements made by two of the three Honduran presidential candidates during the presidential campaign in the Central American country. Taiwan is paying close attention to the region as a whole in the wake of a
OFF-TARGET: More than 30,000 participants were expected to take part in the Games next month, but only 6,550 foreign and 19,400 Taiwanese athletes have registered Taipei city councilors yesterday blasted the organizers of next month’s World Masters Games over sudden timetable and venue changes, which they said have caused thousands of participants to back out of the international sporting event, among other organizational issues. They also cited visa delays and political interference by China as reasons many foreign athletes are requesting refunds for the event, to be held from May 17 to 30. Jointly organized by the Taipei and New Taipei City governments, the games have been rocked by numerous controversies since preparations began in 2020. Taipei City Councilor Lin Yen-feng (林延鳳) said yesterday that new measures by