In 2020, Taiwan, an East Asian island bordered by the People's Republic of China, Japan, and the Philippines, imported 287.4 billion dollars in goods from suppliers all over the world.
This figure represents a 25.5 percent growth from 2016 to 2019 and a 0.5 percent increase from 2019 to 2020.
The new Taiwan dollar has appreciated by 8.5 percent versus the US dollar since 2016, and has increased by 4.3 percent from 2019 to 2020, according to the average exchange rate for 2020.
Imports paid for in weaker US dollars in 2020 will be more expensive due to Taiwan's stronger local currency.
Using a continental perspective, more than two-thirds which is 67.6 percent of Taiwan's total imports by value in 2020 came from Asian neighbors.
Taiwan's European trade partners accounted for 13.4 percent of its import purchases, while North American items accounted for 12.9 percent. Oceania accounted for 3.5 percent, Latin America with 1.7 percent, and Africa 1.7 percent.
With a population of 23.6 million people, Taiwan's total imports of 287.4 billion dollars in 2020 equate to around 12,200 dollars in annual product demand from each individual in the East Asian island province of China.
Taiwan�s Top 10 Imports
The following product groupings account for the majority of Taiwan's import purchases in 2020.
The percentage share of each product category in terms of total imports into Taiwan is also indicated.
93.3 billion dollars in electrical machinery and equipment accounts for 32.5 percent of total imports
43.2 billion dollars in machinery, including computers stands at 15 percent
Mineral fuels, which include oil, are worth 29.6 billion dollars which is 10.3 percent
14 billion dollars in optical, technical, and medical equipment stands at 4.9 percent
9.7 billion dollars in vehicles account for 3.4 percent
7.7 billion dollars in plastics and plastic goods stands at 2.7 percent
7.2 billion dollars in iron and steel account for 2.5 percent
7.1 billion dollars in organic chemicals stands at 2.5 percent
6.2 billion dollars in other chemical goods account for 2.2 percent
4.9 billion dollars in copper account for 1.7 percent
Taiwan's top ten imports accounted for more than three-quarters or 77.6 percent of the total value of its foreign goods acquisitions.
Optical, technological, and medical apparatus went up by 14 percent, cars were up by 8.2 percent, miscellaneous chemical goods up 5.9%, and plastics both as a material and as objects derived from plastics were the fastest-growing import categories from 2019 to 2020 up by 5.3 percent.
Mineral fuels, such as oil came down by minus 33.2 percent and organic compounds, have experienced the steepest annual decrease was down by minus 17.6 percent.
Taiwan�s Top 10 Exports
Taiwan, a partially recognized East Asian country formally known as the Republic of China, transported 346.6 billion dollars in goods throughout the world in 2020.
This is a 24.2 percent growth from 2016 to 2019 and a 5.2 percent increase from 2019 to 2020.
It's worth noting that Taiwan was originally known as Formosa, and some online papers may refer to it as Chinese Taipei.
Electronic integrated circuits are Taiwan's most important export.
Over a third or 35.5 percent of total shipments from Taiwan, Province of China, are for that commodity.
The new Taiwan dollar has appreciated by 8.5 percent versus the US dollar since 2016, according to the average exchange rate for 2020, and has increased by 4.3 percent from 2019 to 2020.
Exports paid for in weaker US dollars are significantly more expensive for international customers due to Taiwan's stronger local currency.
According to the most recent country-specific data available, mainland China accounted for 29.7 percent of the global total, the United States accounted for 14.7 percent, Hong Kong with 14.2 percent, Japan with 6.8 percent, Singapore with 5.5 percent, South Korea with 4.4 percent, Vietnam accounted for 3 percent, Malaysia with 2.7 percent, the Netherlands accounted for 1.8 percent, Germany got 1.8 percent, the Philippines with 1.6 percent, and Thailand got 1.6 percent.
In terms of value, 73.3 percent of Taiwan's exports were supplied to other Asian countries, while 16.1 percent were sold to North American importers.
Another 8.2 percent of Taiwan's exports went to Europe.
Oceania, led by Australia got 1.1 percent, Latin America, excluding Mexico but including the Caribbean got 0.8 percent, and Africa received smaller percentages of 0.5 percent.
With a population of 23.5 million people, Taiwan's total 2020 exports of 346.6 billion dollars equate to nearly 14,700 dollars for each citizen of the East Asian province.
In terms of dollar value, the following export product groups will account for the majority of Taiwanese global shipments in 2020.
The percentage share of each export category in terms of total Taiwan exports is also indicated.
174.3 billion dollars in electrical machinery and equipment account for 50.3 percent of total exports
44.7 billion dollars in machinery, including computers, account for 12.9 percent
18.6 billion dollars in plastics and plastic goods is 5.4 percent
16.8 billion dollars in optical, technical, and medical equipment is equivalent to 4.8 percent
10.1 billion dollars in vehicles stands at 2.9 percent
7.5 billion dollars in iron and steel stands at 2.2 percent
7.2 billion dollars in organic compounds account for 2.1 percent
7.1 billion dollars in iron and steel articles stands at 2.1 percent
Mineral fuels, which include oil, are worth 6.3 billion dollars which is 1.8 percent
4.1 billion dollars in copper stands at 1.2 percent
The top ten exports from Taiwan accounted for 85.6 percent of the total value of the country's global shipments.
Electrical machinery and equipment is the fastest-growing export category among the top ten, with an increase of 18.2 percent from 2019 to 2020.
Optical, technical, or medical devices came in second with a 6.6 percent increase in export sales.
Only Taiwanese shipments of machinery, including computers, increased in value by 4.6 percent.
Mineral fuels, including oil, were the top decliner among Taiwan's top 10 export categories, with a minus 51.6 percent reduction year over year.
Taiwan�s Top Trading Partners
The island of Taiwan, sometimes known as Chinese Taipei and formally known as the Republic of China, is flanked on three sides by significant commercial partners: the People's Republic of China to the west, Japan to the east, and the Philippines to the south.
In 2020, Taiwan exported 347.2 billion dollars in goods around the world.
This is a 24.4 percent increase from 2016 to 2019, and a 5.4 percent increase from 2019 to 2020.
Using a continental perspective, 73.3 percent of Taiwan's exports were supplied to Asian countries, while 16.1 percent were sold to North American buyers.
Another 8.2 percent of Taiwan's exports went to Europe.
Oceania, led by Australia got 1.1 percent, Latin America, excluding Mexico but including the Caribbean got 0.8 percent, and Africa received smaller percentages of 0.5 percent.
Here is a list of 15 of Taiwan's most important trading partners, the countries that imported the most Taiwanese shipments in terms of dollar value in 2020.
The percentage of total Taiwanese exports for each import nation is also indicated.
China: with 103.1 billion dollars accounts for 29.7 percent of total Taiwanese exports
50.9 billion dollars in the United States stands at 14.7 percent
49.3 billion dollars in Hong Kong account for 14.2 percent
23.5 billion dollars in Japan stands at 6.8 percent
Singapore has a market capitalization of 19.2 billion dollars which is 5.5 percent
15.2 billion dollars in South Korea stands at 4.4 percent
10.6 billion dollars for Vietnam is 3 percent
Malaysia's export is worth 9.5 billion dollars which is 2.7 percent
6.1 billion dollars in the Netherlands is 1.8 percent
6.1 billion dollars in Germany accounts for 1.7 percent
5.7 billion dollars in the Philippines stands at 1.6 percent
Thailand is worth 5.3 billion dollars which stands at 1.5 percent
3.4 billion dollars in the United Kingdom stands at 1 percent
3.2 billion dollars for Australia accounts for 0.9 percent
2.7 billion dollars in Mexico stands at 0.8 percent
In 2020, the previously mentioned trading partners will account for nearly nine-tenths or 90.4 percent of Taiwanese exports.
Hong Kong: 22.1 percent valued at 49.3 billion dollars increase
China: Increased by 12.2% which is valued at 103.1 billion dollars.
The United States saw an increase of 9.8 percent which is valued at 50.9 billion.
Singapore's increased by 5.4 percent valued at 19.2 billion dollars.
From 2019 to 2020, Hong Kong raised its purchases of Taiwanese items at the fastest rate, with a 22.1 percent growth.
Other countries that have seen rises include China with 12.2 percent, the United States with 9.8 percent, and Singapore up by 5.4 percent.
South Korea was down by minus 10.1 percent, the Philippines went down by minus 8 percent, Germany went down by minus 7 percent, and the United Kingdom which went down by minus 7 percent were the top decliners among Taiwan's major trading partners.
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