Trade between Taiwan and mainland China is expected to hit a record high in 2010 amid a gradual slowdown in the global economic recovery, the Ministry of Economic Affairs said Sept. 29.
MOEA statistics showed that in the first eight months of the year, Taiwan’s total export-import activities with mainland China, including Hong Kong, soared by 52.8 percent from last year to US$100 billion, an all-time high for the same period.
Mainland China remains Taiwan’s largest export market. It is also the market with which Taiwan enjoys the highest trade surplus.
Cumulative exports and imports across the Taiwan Strait advanced by 42.4 percent and 58 percent, respectively, to reach US$76.29 billion and US$23.72 billion, record highs in both categories.
As a result, trade surplus to mainland China set a historic high of US$52.57 billion, a gain of 48.4 percent over the same period of time.
“Based on such an achievement, the total trade value across the strait is projected to set a new record this year, despite the recent European debt crisis and a slew of measures by the mainland Chinese government to cool down its overheating economy,” the MOEA said.
However, the MOEA cautioned that the nation’s exports need to be diversified. It noted that the top three major exports to mainland China—electrical and electronic equipment, photoelectric devices and plastics—accounted for 65.3 percent of all exports to mainland China in the first eight months of 2010.
The MOEA noted that so far this year Taiwan has retained its position as the fifth largest exporter to mainland China, with its market share increasing from 8.3 percent in 2009 to 8.6 percent in 2010.
Taiwan is mainland China’s largest supplier of synthetic fibers and its second largest importer of electrical and electronic equipment, photoelectric devices, plastic and related products and organic chemicals, the MOEA said. (HZW)
Write to Audrey Wang at audrey@mail.gio.gov.tw