Products Generating Taiwan’s Best Trade Surpluses
PHILIPPINES MAIN EXPORTS CODE
For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Taiwan’s Most Valuable Export Products further down near the bottom of this article. Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. The leading decliner among Taiwan’s top 10 export categories was the optical, technical and medical apparatus product group, incurring a -17% year-over-year slowdown. Taiwan’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 12.1%. In second place for improving export sales were vehicles via a 15.8% gain. Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 70.9% from 2021 to 2022. Taiwan’s top 10 exports accounted for 87.9% of the overall value of its global shipments. Articles of iron or steel: $10.4 billion (2.2%).Optical, technical, medical apparatus: $16.5 billion (3.4%).Mineral fuels including oil: $17.5 billion (3.7%).Plastics, plastic articles: $23 billion (4.8%).Machinery including computers: $62.9 billion (13.2%).Electrical machinery, equipment: US$245.8 billion (51.4% of total exports).Also shown is the percentage share each export category represents in terms of overall exports from Taiwan. The following export product groups represent the highest dollar value in Taiwanese global shipments during 2022. That dollar metric exceeds the average $19,200 for one year earlier in 2021. Given Taiwan’s population of 23.3 million people, its total $477.8 billion in 2022 exports translates to a robust $20,500 for every resident in the East Asian province. Smaller percentages went to Oceania (1.9%) led by Australia, Latin America (0.8%) excluding Mexico but including the Caribbean then Africa (0.6%). Taiwan shipped another 8.6% worth of goods to Europe. The latest available country-specific data shows that 85.7% of products exported from Taiwan were bought by importers in: mainland China (25.3% of Taiwan’s global total), United States of America (15.7%), Hong Kong (13.5%), Japan (7%), Singapore (6.2%), South Korea (4.6%), Malaysia (3.6%), Vietnam (3%), Netherlands (1.8%), Germany (also 1.8%), Philippines (1.6%) and Thailand (also 1.6%).įrom a continental perspective, 70.6% of Taiwan’s exports by value was delivered to fellow Asian countries while 17.5% was sold to importers in North America. Taiwan’s weaker local currency compared to 2021 makes its exports paid for in stronger US dollars relatively less expensive for international buyers. That commodity group represents almost four-fifths (38.4%) of the total shipments by value from Taiwan, Province of China.īased on the average exchange rate for 2022, our estimates show that the new Taiwan dollar appreciated by 1.2% against the US dollar since 2018 but depreciated by around -6.7% from 2021 to 2022. Taiwan’s biggest export is electronic integrated circuits and related microassemblies. Note that the island of Taiwan was once known as Formosa and may be referred to as Chinese Taipei in some online publications.
Home to 23.3 million people or a tiny 0.3% portion of the overall global population, nevertheless Taiwan tallied 2.2% of the world’s total exports by value in 2022. Year over year, the overall value of Taiwanese exported goods rose 6.8% from $447.6 billion in 2021.
That dollar amount reflects a 43% gain compared to $334.2 billion during 2018. By A partially recognized state in East Asia and officially named the Republic of China, Taiwan shipped $477.8 billion worth of exported products around the globe in 2022.
0 kommentar(er)
