Taiwan advanced one spot to become the world’s 17th largest merchandise exporter in 2019 while maintaining its 17th ranking in imports, according to statistics released April 8 by the World Trade Organization.
The latest WTO report reveals Taiwan merchandise exports of US$331 billion last year, accounting for 1.8 percent of the global total. China, the U.S. and Germany were the top three exporters, in that order.
Taiwan’s merchandise imports were flat at US$287 billion and accounted for 1.5 percent of the global total, with the U.S., China and Germany again topping the chart, in that order.
For commercial services, Taiwan’s exports grew 3 percent to US$51 billion but dropped two spots globally to 29th, while imports stayed level at US$56 billion, down one place to 27th.
The WTO projected nearly all countries and territories will suffer double-digit declines in trade volumes this year due to the COVID-19 pandemic, but a 2021 recovery is expected dependent on the duration of the outbreak and the effectiveness of policy responses.
The Ministry of Finance said earlier in its own trade report that although Taiwan’s exports are estimated to dip owing to shrinking global production and consumption, the government is bullish on the country’s economy thanks to its developing 5G and artificial intelligence industries as well as increasing homebound investment by businesses looking to repatriate overseas operations. (YCH-E)
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