US imports from Taiwan increased by US$59.6 billion last year compared with the year before, recording the largest year-on-year growth among all nations, the US White House Council of Economic Advisers said in its Economic Report of the President released on Monday.
The report said that Taiwan-US investment and trade cooperation continues to deepen, with Taiwanese firms committing to invest at least US$250 billion in US semiconductor, energy and artificial intelligence production to enhance the US’ capacity and competitiveness in key technologies.
Taiwan’s government has committed an additional US$250 billion in financing and credit support for a semiconductor supply chain and ecosystem in the US, it said.
Photo: EPA
Reciprocal trade and investment agreements signed between the two nations earlier this year are helping modernize bilateral trade and facilitate entry of US products into the Taiwanese market by removing trade barriers on agricultural and industrial exports, the report added.
“Fundamentally, the integrated trade and investment deals with Taiwan will support high-value job creation, develop advanced manufacturing capabilities and reduce vulnerabilities in critical supply chains,” it said.
The report, which reviews the US federal government’s economic policies over the past year and assesses future economic conditions, said that the US imported about US$3.3 trillion in goods from foreign countries in 2024, while exporting only about US$2.1 trillion.
The resulting trade deficit represented an increase of about 40 percent from 2020 levels, it said.
The US trade deficit with Taiwan surged to US$145.01 billion last year, more than five times the US$26.94 billion deficit recorded in 2020, it added.
However, the US improved its goods trade balance with several countries last year, including China, the UK, Italy, Germany and South Korea, the report said.
The average monthly trade deficit has decreased, dropping from US$101 billion in 2024 to US$87 billion in November last year, it said.
US goods imports from China saw a significant decline last year, dropping by US$97.1 billion, leading the top five decreases that also included Canada, Germany, South Korea and Singapore.
Conversely, Taiwan saw the largest nominal increase in its exports to the US at US$59.6 billion, followed by Switzerland, Vietnam, Ireland and Mexico.
In terms of percentage growth, Switzerland led the group with a 125.3 percent increase to Taiwan’s 61.5 percent increase.
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