Taiwan exports to Japan are set for a major boost following the Taiwan-Japan Procurement Meeting held May 15 in Taipei City, according to event organizer the Taiwan External Trade Development Council (TAITRA).
“Japan has been one of Taiwan’s most important trading partners, with bilateral trade amounting to US$70.4 billion in 2011, up 0.75 percent year on year despite difficult circumstances,” Chang Chun-fu, deputy director-general of the Bureau of Foreign Trade under the Ministry of Economic Affairs, said at the opening ceremony.
“The one-day event is part of the MOEA’s continuous drives to promote bilateral trade between the two counties, with a focus on creating business opportunities for local firms,” Chang added.
“A rising yen, stagnant domestic economy and the fallout of the March 2011 earthquake are changing the behavior of Japanese consumers, who are turning their attention to budget goods,” said TAITRA President Chao Yuen-chuan.
“As a leading supplier of such quality merchandise, Taiwanese firms should seize this opportunity and expand their share in the northeastern Asian country,” Chao said.
Around 72 percent of local shipments to Japan are components, parts and raw materials, while only 17.6 percent are consumer goods, Chao said. “This mix is set to change as we saw a 10.5 percent rise in finished product exports to Japan in the first quarter of 2012, when outgoing shipments of semifinished goods sank 14 percent.”
According to TAITRA, the event was attended by buyers from 46 major Japanese corporations based in Fukuoka, Osaka and Tokyo, with combined revenues exceeding US$220 billion in 2011. Over 70 percent of these firms are exploring business opportunities in Taiwan for the first time.
These heavyweights include homebuilder Daiwa House Industry Co. Ltd., supermarket chain operator Kobe Bussan Co. Ltd., sportswear and sport equipment manufacturer Mizuno Corp. and trading company Toyota Tsusho Corp., Chao added.
Representatives from 282 local firms have signed up for one-on-one business matching meetings spanning sectors such as electrical equipment, food manufacturing, green energy, home appliances, house goods and machinery. (HZW)
Write to Meg Chang at meg.chang@mail.gio.gov.tw