Aerial photograph of containers at the Port of Keelung, Taiwan. Data shows Taiwan relies more on China for trade than the US
Sam Yeh | AFP | fake images
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BEIJING — Data shows that Taiwan is more dependent on China for trade than on the United States, despite US House Speaker Nancy Pelosi endorsing Taiwan this week during a high-profile visit.
Taiwan came under military and economic pressure from Beijing this week after the democratically autonomous island allowed a visit by Pelosi, the highest-ranking US official to set foot in Taiwan in 25 years.
The visit came despite warnings from China, which considers Taiwan part of its territory and maintains that the island should not have the right to engage in foreign relations. The United States recognizes Beijing as the sole legal government of China, while maintaining unofficial relations with Taiwan.
However, Taiwan’s trade and economic ties with mainland China and Hong Kong have grown so large that the region is by far the island’s largest trading partner.
Many large Taiwanese companies in high-tech industries, such as the world’s largest chipmaker, Taiwan Semiconductor Manufacturing Co., or TSMC. — operate factories in mainland China.
Last year, mainland China and Hong Kong accounted for 42% of Taiwan’s exports, while the United States had a 15% share, according to official Taiwan data available through Wind Information.
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In total, Taiwan exported $188.91 billion worth of goods to mainland China and Hong Kong in 2021. More than half were electronic parts, followed by optical equipment, according to Taiwan’s Ministry of Finance.
Taiwan’s exports to Southeast Asia were even larger than those of the United States: $70.25 billion to the region, compared with $65.7 billion to the United States, according to the data.
As the source of Taiwan’s imports, mainland China and Hong Kong once again rank first with a 22% share. The United States had only a 10% share, ranking behind Japan, Europe and Southeast Asia.
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Growth of trade with mainland China
In recent years, Taiwan has purchased an increasing amount of goods from mainland China and vice versa.
Over the past five years, Taiwan’s imports from mainland China have increased 87% compared to a 44% growth in imports from the United States.
Taiwan’s exports to mainland China increased 71% between 2016 and 2021. But exports to the United States almost doubled, increasing 97%.
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Comparable to Shanghai
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