Taiwan hits record high exports to ASEAN member states

Taiwan’s exports to Association of Southeast Asian Nations totaled US$70.24 billion in 2021, up 32 percent over the same period in 2020 and the highest on record, the Ministry of Economic Affairs said July 5.

Further analysis of the data shows that Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines accounted for 98.5 percent of Taiwan’s total outgoing shipments to the region, with the major export items being electronic components and parts and integrated and printed circuits.

In particular, Taiwan-produced integrated circuits accounted for 39.8 percent of the six ASEAN member states’ imports, followed by South Korea, 19.4 percent and China, 14.2 percent, the ministry said, adding that the country holds the highest market share in these products and it continues to rise.

According to the MOEA, the demand for electronic components and parts from ASEAN member states has surged due to increased business opportunities in the post-pandemic era and the expansion of emerging application technologies. With the rising price of raw materials, more technology manufacturers have set up factories in the region, which boosted demand for semiconductor equipment, cell phones, laptops and network and communication products, the ministry added.

In addition, around 3.2 percent of Taiwan’s export orders were produced in ASEAN countries in 2021, up from 1.6 percent in 2018, demonstrating positive results from the government’s promotion of the New Southbound Policy. The ministry added that the region’s manufacturing locations, market demographics and tariff advantages are all attractive for Taiwan firms to invest in.

A key plank of the government’s national development strategy, the NSP seeks to deepen the country’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand. (YCH-E)

Source: TAIWAN TODAY(https://taiwantoday.tw/index.php)