Foreign trade figures of Taiwan, China

Foreign Trade in Figures

Taiwan is very open to international trade, which has been the engine of its rapid growth during the past 40 years. According to data from the Ministry of Finance (MOF), the main exports in 2023 comprised parts of electronic products (41.3%, mostly semiconductors), information, communication, and audio-video products (19.3%), machinery (5.6%), and optical, precision instruments; clocks and watches; musical instruments (3.1%). In 2023, the electronic components industry, the backbone of Taiwan's exports, generated USD 178.71 billion in exports, marking a 10.7% decrease from the previous year. Outbound sales posted by semiconductor suppliers fell by 9.5% from a year earlier, amounting to USD 166.62 billion. Machinery and electrical equipment accounted for the bulk of imports (44.7%), followed by mineral products (17.6%), chemicals (8.1%), and base metals and articles of base metal (6.5%).

In 2023, China and Hong Kong retained their position as the largest buyers of Taiwan's goods, purchasing USD 152.25 billion worth, reflecting an 18.1% decrease from the previous year. According to the Ministry of Finance (MOF), exports to China and Hong Kong constituted 35.2% of Taiwan's total outbound sales in 2023, down from 38.8% in 2022, while the U.S. accounted for 17.6% and Europe for 9.8%. Since Taiwan's economy is highly export-oriented, it depends on a regime open to international trade and remains vulnerable to fluctuations in the global economy. Political tensions between separatists and reunificationists in Taiwan made reaching policy consensus difficult. The United States' commercial battle against China has increased risk in Asian economies. The lack of international recognition from other countries also complicates Taiwan's international position.

Data compiled by the Ministry of Finance revealed that, in 2024, Taiwan recorded its second-highest annual exports, totalling USD 475 billion, marking a 9.9% increase from the previous year. Eight out of the eleven product categories saw growth, with exports of information, communication, and video/audio products leading the way, rising by 59% year-on-year to a record high of USD 132.5 billion. China and Hong Kong accounted for 31.7% of Taiwan's exports, followed by the United States at 23.4%, and ASEAN countries at 18.5%. Meanwhile, Taiwan reported imports of USD 394.47 billion in 2024, posting a trade surplus of USD 80.61 billion.