TAIPEI (TVBS News) — Taiwan displayed an impressive export performance from 2021 to 2023, recording a top-three historic high. However, the 2023 trade figures from the Ministry of Finance (MOF) showed a 9.8% decline in exports compared to 2022.
Despite the setback, Taiwan's exports to the U.S. continued to soar, marking a 49.7% year-on-year increase in 2023. Further, exports to countries included in Taiwan's New Southbound Policy also shone with over 50% growth.
However, exports to mainland China dwindled down to 35.2%.
Taiwan's total export tally for 2023 was US$432.48 billion, lagging only behind 2022 and 2021.
Increased demand for communications and electronic products during the pandemic-induced, work-from-home trend boosted Taiwan's exports.
Taiwan Institute of Economic Research research fellow Darson Chiu predicted significant international trade growth in 2024, which would favor export-oriented economies like Taiwan.
In December 2023 alone, Taiwan's exports to the U.S. reached $8.49 billion, and exports to southern countries surged over 50%.
However, due to the insufficient coverage of free trade agreements (FTAs), many traditional Taiwanese industries chose to restructure risks and production in Southeast and South Asia.
According to Economics Professor Dachrahn Wu at the National Central University, after the U.S.-China trade war, Taiwanese businesses returned and local factories expanded, increasing production capacity.
However, global economic circumstances significantly impacted the decline in 2023 exports.
The Directorate General of Budget, Accounting and Statistics (DGBAS) estimates first-quarter export volume for 2024 at around U$106.1 billion, better than the same period in 2023, but down 10% from 2022's US$120.9 billion.