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International Trade economy of Taiwan a brief outlook

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Srividya Kripakar
Srividya Kripakar

International Trade economy of Taiwan

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Exploring Economy of Taiwan Markets, Trade And Financial Dynamics Group 7 Abhinav Tirkey Ashish Meher Dhiraj Kumar Sakharam Pande Sabarna Chakraborty Srividya K.
World Shipping route through Taiwan The Taiwan Strait is a key shipping route, with almost half of the global container fleet and 88% of the world's largest ships by tonnage passing through it.
History The history of Taiwan spans millennia, with evidence of human habitation dating back tens of thousands of years. The shift to an agricultural society around 3000 BC is attributed to the arrival of ancestors of the Taiwanese indigenous peoples. Chinese contact increased during the Yuan dynasty, and Han Chinese settlement began in the early 17th century. Area Total 36,197 km 2 (13,976 sq mi) [17][14] Population 1 July 2022 estimate slot gacor 23,894,394 [18] (56th) 2010 census 23,123,866 [19] Density 650/km 2 (1,683.5/sq mi) (17th)
Post 1945 Economy reforms 1. Post-Kuomintang retreat to Taiwan in the 1950s, political stability contrasted with economic challenges from World War II destruction and Chinese hyperinflation in the 1940s. 2. Kuomintang's migration caused population surges, impacting Taiwan's economy. 3. Economic strategies included educational emphasis, land reform, and issuing New Taiwan dollars, aided by US support. 4. Import substitution policies favored industrial sector growth, initially focusing on domestic market saturation. 5. Shift to export-oriented policies in the 1960s, guided by academic economists, encouraged innovation and savings. 6. 1970s brought economic shifts due to geopolitical events like UN expulsion, oil crisis, and diplomatic changes. 7. Chiang Ching-kuo's industrial projects in the 1970s laid the groundwork for heavy industrial development. 8. Post-1980s stabilization led Taiwan to become one of the Four Asian Tigers. 9. Greater restrictions on foreign capital outflows shielded Taiwan during the 1997 Asian financial crisis. 10. Chen Shui-bian administration focused on international organization memberships, including Taiwan's entry into the World Trade Organization in 2002.
Current economy Since 1992, Taiwans GDP growth has averaged 4.5 percent Today Taiwan is the 28th wealthiest country globally, and 6th richest country in Asia Growth in Taiwan has been fueled by a rapid expansion in international trade Taiwans trade is valued at over $650 billion, making it the worlds 19th largest trader
Future Expectation of the Economy of Taiwan Main Indicators 2022 2023 (E) 2024 (E) 2025 (E) 2026 (E) GDP (billions USD) 760.46 751.93 791.61 839.33 886.14 GDP (Constant Prices, Annual % Change) 2.4 0.8 3.0 2.8 2.6 GDP per Capita (USD) 32,687 32,340 34,046 36,099 38,112 General Government Balance (in % of GDP) -1.7 0.3 0.3 0.2 0.1 General Government Gross Debt (in % of GDP) 29.7 26.6 23.3 20.3 17.5 Inflation Rate (%) n/a 2.1 1.5 1.4 1.5 Unemployment Rate (% of the Labour Force) 3.7 3.7 3.7 3.7 3.7 Current Account (billions USD) 101.31 88.40 96.14 98.31 99.93 Current Account (in % of GDP) 13.3 11.8 12.1 11.7 11.3
41.81 billion 33.14 billion 8.67 billion Imports Exports
33.48 38.32 48.05 49.98 58.29 49.22 43.51 58.98 64.41 51.33 80.59 0 10 20 30 40 50 60 70 80 90 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TRADE BALANCE IN BILLION U.S. DOLLARS Merchandise trade balance of Taiwan from 2013 to 2023 (in billion U.S. dollars)
60.81 239.29 46.38 5.4 0 50 100 150 200 250 300 Capital goods Agricultural & industrial raw materials Consumer goods Other Value of goods imported to Taiwan in 2023, by category (in billion U.S. dollars)
81.66 319.55 29.51 1.74 0 50 100 150 200 250 300 350 Capital goods Intermediate products Consumer goods Other Value of goods exported from Taiwan in 2023, by category (in billion U.S. dollars)
Value of goods imported to Taiwan 2023, by major origin 70.22 44.32 40.7 28.41 17.63 13.89 9.69 9.52 9.14 7.46 7.39 6.14 5.38 4.69 4.31 4.28 4.02 3.57 3.37 2.72 0 10 20 30 40 50 60 70 80 Import value in billion U.S. dollars
310.87 319.41 284.44 279.17 315.49 334.01 329.16 345.13 446.37 479.42 432.47 0 100 200 300 400 500 600 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Export value in billion U.S. dollars Value of goods exported from Taiwan from 2013 to 2023 (in billion U.S. dollars)
Value of total goods imports and exports in Taiwan from 2013 to 2023 (in billion U.S. dollars) 588.25 600.51 520.81 508.37 572.69 618.8 614.81 631.27 828.33 907.5 784.35 450 500 550 600 650 700 750 800 850 900 950 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Trade value in billion U.S. dollars
Share of Taiwan's exports in 2023, by major trade partner 35.2% 17.6% 17.6% 9.8% 7.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% Mainland China and Hong Kong ASEAN United States Europe Japan Share of total exports
178.71 83.35 28.74 24.21 19.96 18.42 14.62 13.12 0 20 40 60 80 100 120 140 160 180 200 Parts of electronic products Information, communication, and audio-video products Base metals and articles of base metals Machinery Plastics & rubber and articles thereof Chemicals Mineral products Electrical machinery products Leading merchandise exports from Taiwan in 2023, by product (in billion U.S. dollars)
Other commercial services 48.7% Transport 37.1% Good-related services 9.4% Travel 4.7% Distribution of commercial services exports from Taiwan in 2022, by category
Other commercial services 63.6% Transport 22.3% Good-related services 7.1% Travel 7% Distribution of commercial services imports to Taiwan in 2022, by category
3.21 3.6 2.83 2.39 9.69 3.4 7.11 8.24 6.05 5.42 10.19 0 2 4 6 8 10 12 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 FDI INFLOWS IN BILLION U.S. DOLLARS Value of foreign direct investment (FDI) inflows to Taiwan from 2012 to 2022 (in billion U.S. dollars)
66.66 190.8 302.58 308.83 321.82 350.51 368.07 400.75 444.52 460.8 0 50 100 150 200 250 300 350 400 450 500 2000 2010* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022** FDI outward stock in billion U.S. dollars Value of outward foreign direct investment (FDI) stock from Taiwan in selected years from 2000 to 2022 (in billion U.S. dollars)
Major Challenges Sluggish Merchandise Trade Slow growth of trading partners Economic Ties to China Geopolitical Fracturing Lack Strong Brands Limited opportunities to negotiate free trade Market Unpredictability Global Regulations
International Trade economy of Taiwan a brief outlook

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International Trade economy of Taiwan a brief outlook

  • 1. Exploring Economy of Taiwan Markets, Trade And Financial Dynamics Group 7 Abhinav Tirkey Ashish Meher Dhiraj Kumar Sakharam Pande Sabarna Chakraborty Srividya K.
  • 2. World Shipping route through Taiwan The Taiwan Strait is a key shipping route, with almost half of the global container fleet and 88% of the world's largest ships by tonnage passing through it.
  • 3. History The history of Taiwan spans millennia, with evidence of human habitation dating back tens of thousands of years. The shift to an agricultural society around 3000 BC is attributed to the arrival of ancestors of the Taiwanese indigenous peoples. Chinese contact increased during the Yuan dynasty, and Han Chinese settlement began in the early 17th century. Area Total 36,197 km 2 (13,976 sq mi) [17][14] Population 1 July 2022 estimate slot gacor 23,894,394 [18] (56th) 2010 census 23,123,866 [19] Density 650/km 2 (1,683.5/sq mi) (17th)
  • 4. Post 1945 Economy reforms 1. Post-Kuomintang retreat to Taiwan in the 1950s, political stability contrasted with economic challenges from World War II destruction and Chinese hyperinflation in the 1940s. 2. Kuomintang's migration caused population surges, impacting Taiwan's economy. 3. Economic strategies included educational emphasis, land reform, and issuing New Taiwan dollars, aided by US support. 4. Import substitution policies favored industrial sector growth, initially focusing on domestic market saturation. 5. Shift to export-oriented policies in the 1960s, guided by academic economists, encouraged innovation and savings. 6. 1970s brought economic shifts due to geopolitical events like UN expulsion, oil crisis, and diplomatic changes. 7. Chiang Ching-kuo's industrial projects in the 1970s laid the groundwork for heavy industrial development. 8. Post-1980s stabilization led Taiwan to become one of the Four Asian Tigers. 9. Greater restrictions on foreign capital outflows shielded Taiwan during the 1997 Asian financial crisis. 10. Chen Shui-bian administration focused on international organization memberships, including Taiwan's entry into the World Trade Organization in 2002.
  • 5. Current economy Since 1992, Taiwans GDP growth has averaged 4.5 percent Today Taiwan is the 28th wealthiest country globally, and 6th richest country in Asia Growth in Taiwan has been fueled by a rapid expansion in international trade Taiwans trade is valued at over $650 billion, making it the worlds 19th largest trader
  • 6. Future Expectation of the Economy of Taiwan Main Indicators 2022 2023 (E) 2024 (E) 2025 (E) 2026 (E) GDP (billions USD) 760.46 751.93 791.61 839.33 886.14 GDP (Constant Prices, Annual % Change) 2.4 0.8 3.0 2.8 2.6 GDP per Capita (USD) 32,687 32,340 34,046 36,099 38,112 General Government Balance (in % of GDP) -1.7 0.3 0.3 0.2 0.1 General Government Gross Debt (in % of GDP) 29.7 26.6 23.3 20.3 17.5 Inflation Rate (%) n/a 2.1 1.5 1.4 1.5 Unemployment Rate (% of the Labour Force) 3.7 3.7 3.7 3.7 3.7 Current Account (billions USD) 101.31 88.40 96.14 98.31 99.93 Current Account (in % of GDP) 13.3 11.8 12.1 11.7 11.3
  • 8. 33.48 38.32 48.05 49.98 58.29 49.22 43.51 58.98 64.41 51.33 80.59 0 10 20 30 40 50 60 70 80 90 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TRADE BALANCE IN BILLION U.S. DOLLARS Merchandise trade balance of Taiwan from 2013 to 2023 (in billion U.S. dollars)
  • 9. 60.81 239.29 46.38 5.4 0 50 100 150 200 250 300 Capital goods Agricultural & industrial raw materials Consumer goods Other Value of goods imported to Taiwan in 2023, by category (in billion U.S. dollars)
  • 10. 81.66 319.55 29.51 1.74 0 50 100 150 200 250 300 350 Capital goods Intermediate products Consumer goods Other Value of goods exported from Taiwan in 2023, by category (in billion U.S. dollars)
  • 11. Value of goods imported to Taiwan 2023, by major origin 70.22 44.32 40.7 28.41 17.63 13.89 9.69 9.52 9.14 7.46 7.39 6.14 5.38 4.69 4.31 4.28 4.02 3.57 3.37 2.72 0 10 20 30 40 50 60 70 80 Import value in billion U.S. dollars
  • 12. 310.87 319.41 284.44 279.17 315.49 334.01 329.16 345.13 446.37 479.42 432.47 0 100 200 300 400 500 600 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Export value in billion U.S. dollars Value of goods exported from Taiwan from 2013 to 2023 (in billion U.S. dollars)
  • 13. Value of total goods imports and exports in Taiwan from 2013 to 2023 (in billion U.S. dollars) 588.25 600.51 520.81 508.37 572.69 618.8 614.81 631.27 828.33 907.5 784.35 450 500 550 600 650 700 750 800 850 900 950 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Trade value in billion U.S. dollars
  • 14. Share of Taiwan's exports in 2023, by major trade partner 35.2% 17.6% 17.6% 9.8% 7.3% 0% 5% 10% 15% 20% 25% 30% 35% 40% Mainland China and Hong Kong ASEAN United States Europe Japan Share of total exports
  • 15. 178.71 83.35 28.74 24.21 19.96 18.42 14.62 13.12 0 20 40 60 80 100 120 140 160 180 200 Parts of electronic products Information, communication, and audio-video products Base metals and articles of base metals Machinery Plastics & rubber and articles thereof Chemicals Mineral products Electrical machinery products Leading merchandise exports from Taiwan in 2023, by product (in billion U.S. dollars)
  • 16. Other commercial services 48.7% Transport 37.1% Good-related services 9.4% Travel 4.7% Distribution of commercial services exports from Taiwan in 2022, by category
  • 17. Other commercial services 63.6% Transport 22.3% Good-related services 7.1% Travel 7% Distribution of commercial services imports to Taiwan in 2022, by category
  • 18. 3.21 3.6 2.83 2.39 9.69 3.4 7.11 8.24 6.05 5.42 10.19 0 2 4 6 8 10 12 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 FDI INFLOWS IN BILLION U.S. DOLLARS Value of foreign direct investment (FDI) inflows to Taiwan from 2012 to 2022 (in billion U.S. dollars)
  • 19. 66.66 190.8 302.58 308.83 321.82 350.51 368.07 400.75 444.52 460.8 0 50 100 150 200 250 300 350 400 450 500 2000 2010* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022** FDI outward stock in billion U.S. dollars Value of outward foreign direct investment (FDI) stock from Taiwan in selected years from 2000 to 2022 (in billion U.S. dollars)
  • 20. Major Challenges Sluggish Merchandise Trade Slow growth of trading partners Economic Ties to China Geopolitical Fracturing Lack Strong Brands Limited opportunities to negotiate free trade Market Unpredictability Global Regulations