Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 6/6/2017

With a population of 23 million, Taiwan is a thriving democracy, a vibrant market economy, and a highly attractive export market, especially for U.S. firms.  In 2016, Taiwan was ranked as the United States’ 10th-largest trading partner in goods, placing it ahead of markets such as Italy and Brazil.  It was also the 14th-largest U.S. export market overall, and, in 2016, was the seventh largest source of foreign students pursuing higher education in the United States.
 
In 2016, according to the U.S. Census, exports to Taiwan increased 0.7% to US$ 26.04 billion.  Imports from Taiwan decreased 3.8% to US$ 39.31 billion.  Taiwan ran a trade surplus with the United States of US$ 13.26 billion dollars in 2016, a decrease of US$ 1.77 billion over the prior year.
 
Mainland China is Taiwan’s largest trading partner, accounting for 23.07% of total trade and 19.07% of Taiwan’s imports in 2016.  The United States is Taiwan's second largest trading partner, accounting for 12.15% of total trade. Following the U.S. in terms of overall trade are Japan (11.77%), Hong Kong (7.77%), and South Korea (5.37%).
 
Taiwan was the world’s sixth-largest holder of foreign exchange reserves and gold as of December 2016, with holdings of US$ 456.9 billion.  In 2016, Taiwan’s economy had a growth rate of 1.92% and a GDP growth rate of 5.7% compared to 2015.  As of February 2017, Taiwan’s unemployment is 3.85% and the labor participation rate is 58.75%.

 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.



Taiwan Trade Development and Promotion