MOEA working to boost exports
The government will focus on the export of integrated solutions and help investors set up operations overseas as part of an effort to boost Taiwan’s exports, the Ministry of Economic Affairs said Saturday.
In the first four months of this year, Taiwan’s exports have decreased 6.2 percent, with exports to Europe and ASEAN suffering the biggest decline, followed by China.
Besides Taiwan, South Korea, Singapore, China, the United States and Japan have also seen unsatisfactory trade results in recent months. South Korea, for example, saw its exports fall by 8 percent in April and a further by 10.9 percent in May.
The MOEA said the decline is mainly caused by a global economic slowdown and the rise of China’s domestic supply chain.
Taiwan’s share of China’s import market has been falling, from 11.31 percent in 2005 to 7.76 percent in 2014.
In 2005, electronic and electrical products and machinery accounted for 26.49 percent and 14.6 percent, respectively of China’s total imports, but both figures dropped to 21.66 percent and 9.15 percent, respectively, in 2014.
Meanwhile, petroleum, natural gas and coal as well as mineral sands accounted for 9.73 percent and 3.93 percent, respectively of China’s total imports in 2005, but the figures increased to 16.12 percent and 6.94 percent, respectively, in 2014. These commodities are not among Taiwan’s main exports as it is relatively poor in natural resources.