Taiwan’s Trade With China Is Much Larger Than Its Trade With The US – Kuri007
– #Taiwans #Trade #China #Larger #Trade #Omar #Zack
Apple supplier Foxconn, also known as Hon Hai Precision Trade, is based in Taiwan but has factories throughout China.
Sopa Images | Soft rocket | Getty Images
BEIJING – Information shows that Taiwan is more dependent on China than the US for trade, at the same time that US House Speaker Nancy Pelosi is throwing her weight behind Taiwan in a major move this week.
Taiwan came under military and financial pressure from Beijing this week after the self-governing island allowed Pelosi – the first US official to set foot in Taiwan in 25 years.
Going here regardless of the warnings from China, which considers Taiwan as part of its territory and says that the island should not have any relevance in international relations. The US recognizes Beijing as China’s only de facto authorized authority while maintaining informal relations with Taiwan.
But Taiwan’s business and financial relations with mainland China and Hong Kong have grown so much that the area is the island’s largest trading hub.
Many of Taiwan’s largest firms in the high-tech industries, such as the world’s largest chip manufacturer – Taiwan Semiconductor Manufacturing Co. or TSMC. – Factory operation in China.
Last year, China and Hong Kong accounted for 42% of Taiwan’s exports, while the US accounted for 15%, according to Taiwan’s official information accessible through Air Data.
In total, Taiwan will export products worth $188.91 billion to mainland China and Hong Kong in 2021. More than half were digital components, accepted by optical gadgets, according to Taiwan’s Ministry of Finance.
Taiwan’s exports to Southeast Asia were greater than those to the US – at 70.25 billion dollars in the region compared to 65.7 billion in the US, the data confirmed.
Due to the supply of imported goods in Taiwan, mainland China and Hong Kong again ranked first with a share of 22%. The US had a share of only 10%, ranking behind Japan, Europe and Southeast Asia.
Growing trade with China
Recently, Taiwan has been buying an increasing amount of goods from mainland China and vice versa.
In the past 5 years, Taiwan’s imports from mainland China have increased by nearly 87%, while imports from the US have increased by 44%.
Taiwan’s exports to mainland China have grown by 71 percent between 2016 and 2021. But exports to the US doubled, up 97%.
It’s like Shanghai
Taiwan’s trade with China much larger than its trade with the US