Aerial picture of shipping containers at the harbor in Keelung,Taiwan Data reveal that Taiwan depends more on China for trade than it does on the U.S.
Sam Yeh|Afp|Getty Images
BEIJING– Data reveal that Taiwan depends more on China for trade than it does on the U.S., even if U.S. House Speaker Nancy Pelosi tossed her weight behind Taiwan today in a prominent check out.
Taiwan came under military and financial pressure from Beijing today, after the democratically self-ruled island permitted the check out of Pelosi– the highest-ranking U.S. authorities to set foot on Taiwan in 25 years.
The check out came in spite of cautions from China, which thinks about Taiwan part of its area and preserves the island must have no right to perform foreign relations. The U.S. acknowledges Beijing as the sole legal federal government of China, while preserving informal relations with Taiwan.
Still, Taiwan’s service and financial ties with mainland China and Hong Kong have actually grown so big that the area is without a doubt the island’s biggest trading partner.
Many big Taiwanese business in modern markets such the world’s most significant chipmaker– Taiwan Semiconductor Manufacturing Co., or TSMC.– run factories in mainland China.
Last year, mainland China and Hong Kong represented 42% of Taiwan’s exports, while the U.S. had a 15% share, according to authorities Taiwan information accessed through Wind Information.
In all, Taiwan exported $18891 billion in products to mainland China and Hong Kong in2021 More than half were electronic parts, followed by optical devices, according to Taiwan’s Ministry of Finance.
Taiwan’s exports to Southeast Asia were even higher than those to the U.S.– at $7025 billion to the area, versus $657 billion to the U.S., the information revealed.
As a source of Taiwan’s imports, mainland China and Hong Kong once again ranked initially with a 22% share. The U.S. just had a 10% share, ranking behind Japan, Europe and Southeast Asia.
Growing trade with mainland China
In current years, Taiwan has actually purchased an increasing quantity of items from mainland China, and vice versa.
Over the last 5 years, Taiwan’s imports from mainland China have actually risen by about 87% versus 44% development in imports from the U.S.
Taiwan’s exports to mainland China grew by 71% in between 2016 and2021 But exports to the U.S. almost doubled, growing by 97%.
