Taiwan

Taiwan

Monica Darda
Monica Darda

Country Expert
   

Taiwan Statistics

Taiwan has a capitalist economy, which means that privately-owned companies decide on production techniques and operate to earn a profit. Banks and industrial companies that were previously owned by the state are now also privately owned.
The economy of Taiwan is the 19th largest in the world in terms of purchasing power parity. It is considered an advanced economy by the International Monetary Fund and has the highest Global Entrepreneurship Index in Asia. Additionally, it ranks as the 5th largest economy in the region of Asia.
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GDP in USD trillion
1 Crores
Population (2019)
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Area ( km. sq. )
Import Of Taiwan

In 2018 Taiwan imported a total of $263B, making it the number 19th trade destination in the world.
Main Import Countries

Export Of Taiwan

In 2018 Taiwan exported a total of $357B, making it the number 14th exporter in the world.
Main Export Countries

Major Sectors

Services Manufacturing Agriculture Livestock Farming and Fishing Imports and Exports Energy

The Services Industry contributes 73% of Taiwan’s GDP. The sector is well diversified as it is made up of food and beverages processing, textiles, information technology, chemicals, transport, advertising, commerce, real estate, communications, construction, petroleum processing, armaments, and electronics among other companies. The services industry continues to thrive boosted by the increasing growth in the spending capacities of the country’s population which is 23.58 million. In 2015, the average salary of an employee working in Taiwan was US$1,609.67 which was a 10% increase from 2009.

Compared to mainland China, Taiwan’s manufacturing industry is more robust and earns a high revenue for the government. In 2001, the contribution of the manufacturing industry to Taiwan’s GDP was 24.08%. Years later in 2015, the industry’s contribution rose to 30.01%. The county is currently among the top 10 nations in the world in the manufacturing of robots. Taiwan’s main exports in 2016 were machinery, electrical machinery and equipment, plastics, optical, technical, & medical apparatus, mineral fuels (such as oil), vehicles, and organic chemicals. Among these exports, electrical machinery and equipment is the largest incoming earner valued at US$124.1 billion in 2016.

Taiwan’s total annual agricultural produce is around 6.9 million tons. The land area of Taiwan is 35,980 square kilometres out of which 24% is used for agriculture. As of 2013, 47.88% of this arable land was used for cultivating crops, 31.16% was for livestock, 20.87% was for fishing, and 0.09% was used for forestry.
The crops cultivated in Taiwan include rice, betel nuts, fruits, vegetables, and flowers. Rice is the most valuable cash crop in Taiwan with an annual yield worth US$1.17 billion in 2013. In 2001, the country harvested 165,000 tons of Betel nuts. The specific varieties of crops grown include lychee, pomelo, guava, orange, pineapple, pear, watermelon, starfruit, wax apple, jujube, strawberry, mango, and mandarin among others. The annual fruits exports value in Taiwan is US$109.5 million with its largest export market being mainland China. On the other hand, the kinds of vegetables grown include scallion, edamame, cabbage, chayote, broccoli, onion, eggplant, carrot, and Chinese cabbage among others. Vegetable growing regions in Taiwan are the southern and central parts of the country. Taiwan also produces varieties of tea such as pouching tea, black tea, oolong tea, and green tea. In 2013, the tea produced in the country had a value of US$ 219.4 million. Flowers grown in Taiwan are often exported to the United States, Japan, and the Netherlands.

Taiwan engages in livestock farming and fishing. The animals reared include poultry such as chicken (broilers and eggs) and pigs. In 2013, the value of livestock kept in the country was US$4.756 billion. Fishing in Taiwan varies from aquaculture to deep sea to offshore to marine and coastal fishery. The value of the fish caught in the year 2013 was US$1.728 billion.

In 2018, the exports traded in Taiwan were worth US$ 335.8 billion which was a 7.2% gain from 2014. The country largely relies on exports for its government revenue with its major export partners being China, Hong Kong, Singapore, US, and Japan. On the other hand, imports in 2014 were valued at $277.5 billion with major imports being electrical machinery and equipment, electronics, vehicles, plastics, crude petroleum, coal, metals (such as iron, copper, and steel), computers, and organic chemicals. Taiwan’s major import partners are Japan, the US, and China.

Taiwan is the world's 4th largest producer of solar-powered batteries and largest LED manufacturer by volume. In 2010, Taiwan had over 1.66 million square meters of solar heat collectors installed, with an installation density that ranks it as third in the world. The government has already built 155 sets of wind turbines capable of producing 281.6 MW of energy, and additional projects are planned or under construction. Renewable energy accounts for 6.8% of Taiwan's energy usage as of 2010. In 2010, the green energy sector generated US$10.97 billion in production value. The government also announced plans to invest US$838 million for renewable energy promotion and an additional US$635 million for research and development.

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Latest News

Trade Fair Exhibition

tea show
Taichung Int'l Tea, Coffee and Bakery Show (TITCBS)

Date : 20-07 July 2020.
Place : Taichung, Taiwan.

medical show
Healthcare & Medical Cosmetology Expo (Bio Taiwan)

Date : 26-07 July 2020.
Place : Taipei, Taiwan.

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