CTU GLOBAL has a widespread network and specialized knowledge across Asia, Europe, and the Americas. This enables us to identify and evaluate the perfect manufacturer for your needs, facilitate the transition to production, or offer comprehensive and scalable supply chain solutions. Learn more about the regions where we offer these tailored solutions.
A partially recognized state in East Asia and officially named the Republic of China, Taiwan shipped US$432.2 billion worth of exported products around the world in 2023. That dollar amount results from a 31.2% advance compared to $329.5 billion five years earlier during 2019. Year over year, the overall value of Taiwanese exported goods fell by -9.6% from $478.3 billion in 2022. Note that the island of Taiwan was once known as Formosa and may be referred to as Chinese Taipei in some online publications.
The latest available country-specific data shows that 86.2% of products exported from Taiwan were bought by importers in: mainland China (22.1% of the Taiwanese total), United States of America (17.6%), Hong Kong (13.1%), Japan (7.3%), Singapore (6.9%), South Korea (4.2%), Malaysia (3.5%), Netherlands (3%), Vietnam (2.7%), Thailand (2.5%), Germany (1.9%) and India (1.4%). From a continental perspective, 67.9% of Taiwan’s exports by value was delivered to fellow Asian countries while 19.5% was sold to importers in North America. Taiwan shipped another 9.8% worth of goods to Europe.
Smaller percentages went to buyers in Oceania (1.6%) led by Australia, Latin America (0.8%) excluding Mexico but including the Caribbean, then Africa (0.4%). Given Taiwan’s population of 23.57 million people, its total $432.2 billion in 2023 exports translates to $18,300 for every resident in the East Asian province. That dollar metric lags the average $20,500 for one year earlier in 2022.
The following export product groups represent the highest dollar value in Taiwanese global shipments during 2023:
1. Electrical machinery, equipment: $222.5 billion (51.5% of total exports)
2. Machinery including computers: $77.2 billion (17.9%)
3. Plastics, plastic articles: $17.6 billion (4.1%)
4. Mineral fuels including oil: $13.2 billion (3.1%)
5. Optical, technical, medical apparatus: $13 billion (3%)
6. Vehicles: $11.5 billion (2.7%)
7. Iron, steel: $9.2 billion (2.1%)
8. Organic chemicals: $8 billion (1.8%)
9. Articles of iron or steel: $7.9 billion (1.8%)
10. Copper: $4 billion (0.9%)
When you select Taiwan as a sourcing alternative to China, you access several key benefits and advantages for your production. While China can sometimes be cheaper, Taiwan makes up for the upfront costs through reliable and high-quality products designed to maximize your overall profit. Other benefits include access to:
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