Taiwan Trade and Export Updates (2022 Edition)

According to the latest trade statistics released by the Ministry of Finance of Taiwan on October 7, exports in the third quarter of 2022 (July to September) increased 3.4% year-on-year to $121.1 billion. Imports increased 6.5% to $108.1 billion, resulting in a trade surplus of $13 billion.

Taiwan becomes Japan's top import partner

According to trade statistics for 2020 recently released by the Japanese Ministry of Finance, Taiwan has risen to a record high of fourth place among Japan's major import partners, up from sixth in 2019.

Taiwan's Ministry of Economic Affairs pointed out that this is a reflection of Taiwan's success in containing the COVID-19 virus and the stability of both corporate production and overseas exports. At a time when the world is hit by the pandemic and other countries are significantly reducing their exports, Taiwan has become a stable and reliable supplier to Japan.

Taiwan's Ministry of Economic Affairs also analyzed that products produced through the efforts of Taiwan's industry and export companies are increasingly meeting Japanese needs.

Taiwan's main trade items

So far we have looked at the latest information and trends in Taiwan's trade, but what are the overall trade items? Taiwan's trade items include electronic parts, information and communication equipment, and mineral products.
See below for details on exports and imports.

export

Looking at Taiwan's major export items, electronic parts (39.31 TP3T), information and communication equipment (14.21 TP3T), base metals and related products (7.41 TP3T), general machinery (6.31 TP3T), plastics, rubber and related products (6.21 TP3T), etc. Total imports increased 4.9% year-on-year to $345,275,990,000 (2020).

Import

Meanwhile, Taiwan's major imports include electronic components (24.31 TP3T), mineral products (16.41 TP3T), general machinery (11.61 TP3T), chemical industry products (9.21 TP3T), and information and communications equipment (7.31 TP3T). Total imports increased by 0.3% to $286,485,830,000 (2020).

Taiwan's main trading partners

So far we have looked at Taiwan's main trade items, but what countries are Taiwan's trading partners? As you might imagine, Taiwan's main trading partners include the United States and China.
See below for details on exports and imports.

export

Taiwan's main export partners (2020) include China, the United States, Hong Kong, Japan, Singapore, etc. Of the total share, China accounted for 29.71 TP3T, the United States 14.61 TP3T, Hong Kong 14.21 TP3T, etc.

Import

Taiwan's main import partners (2022) are China, Japan, the United States, South Korea, Germany, etc. Of the total share, China accounts for 22.2%, Japan for 16.0%, and the United States for 11.4%.

Trade between Japan and Taiwan

Looking back at Taiwan's ranking among Japan's import partners over the past 10 years, we can see that it was 12th in 2011, 7th in 2018, 6th in 2019, and has made great strides to 4th in 2020.

However, Taiwan's Ministry of Finance noted that uncertainties such as the risk of the spread of COVID-19, Russia's invasion of Ukraine, and the technology conflict between the United States and China are increasing concerns about the outlook for the global economy.

Trade volume between Japan and Taiwan

What is the current status of trade between Japan and Taiwan? Below is the data for fiscal year 2020.
Japan's total exports to Taiwan were approximately 4.7391 trillion yen, while its total imports from Taiwan were approximately 2.8629 trillion yen.

Main trade items

So, what kind of trade is Japan conducting with Taiwan?

Japan's exports to Taiwan include machinery, which accounts for about 45% of the total, as well as plastics, automobiles, steel, and scientific and optical equipment.

Japan's imports from Taiwan include machinery, which accounts for about 60% of the total, as well as plastics, steel, metal products, and scientific and optical equipment.

The export items are relatively similar, with machinery accounting for a large proportion in both cases.

If you want to start trading with Taiwan, choose "DigiTrad"

This time, we brought you "Basic knowledge of Taiwan trade and exports (updated for 2022)".

STANDAGE uses its own trade cloud service to provide "Digitrad", a service that can "completely" handle trade for small and medium-sized enterprises. "Digitrad" allows you to develop overseas sales channels at low cost thanks to the application of IT introduction subsidies. We can also handle small-scale, low-value trade and domestic purchases that cannot be done by large trading companies, so please feel free to contact us.

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