Taiwan’s total trade in goods with the U.S. surged 24.2 percent year over year to US$158.6 billion in 2024, making the country the seventh-largest trade partner of the U.S.
According to the Executive Yuan, Taiwan moved up one spot on the list and trailed behind Mexico, Canada, China, Germany, Japan and South Korea, in that order.
Taiwan exports to the U.S. jumped 32.5 percent to US$116.26 billion during the period, while imports from the U.S. grew 6 percent to US$42.34 billion, creating a trade surplus of US$73.92 billion for Taiwan, up 54.6 percent from the year before. The double-digit increase in exports is exceptional in comparison to the -1.4 percent to 19.3 percent reported by other U.S. trade partners, as is the substantial gain in trade surplus.
A breakdown of the figures shows that the major rise in Taiwan exports to the U.S. came from tin-coated or tin-plated ferrous products and nonalloy flat-rolled steel products, automated data processing equipment, and computer components and parts. Military vehicles and related components and parts, computer components and parts, and data processing equipment accounted for major gains in imports from the U.S.
In addition to foreign trade, Taiwan and the U.S. are also close investment partners, according to the Ministry of Economic Affairs.
The latest MOEA statistics show that approved U.S. investments in Taiwan amounted to US$697 million in the first 10 months of 2024, or 10.7 percent of the total. Taiwan investments in the U.S. were US$13.97 billion over the same period, or 30.8 percent of total outgoing investments. (SFC-E)
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from Taiwan Today – Top News