Taiwan world’s 16th largest trading economy in 2021: MOF

Taipei, April 15 (CNA) Taiwan ranked 16th amongst the world’s economies in merchandise trade in 2021, its best position in 16 many years, thanks in section to a increased rating for imports, in accordance to Ministry of Finance (MOF) stats.

Taiwan experienced US$446.4 billion in exports and US$381.5 billion in imports in 2021, combining for complete trade of US$827.9 billion and a global ranking of 16th, up just one notch from a calendar year earlier, the ministry claimed Thursday, citing Earth Trade Group (WTO) data.

Among the conventional 4 “Asian Tigers” with higher-development economies in the region, having said that, Taiwan’s complete trade in 2021 trailed that of Hong Kong (in sixth location), South Korea (eighth), and Singapore (15th), the MOF report explained.

According to the hottest world goods trade knowledge issued by the WTO, globe items exports totaled US$22.3 trillion in 2021, an enhance of 26.3 % from the past year.

Attributing the growth to the worldwide restoration and better desire, the MOF claimed important economies around the environment posted larger goods exports and imports in 2021 than their ranges ahead of the commencing of the COVID-19 pandemic in early 2020.

Taiwan’s US$446 billion in products exports accounted for 2. p.c of complete international exports and rated 16th in the environment, down from 15th in 2020.

The nation’s US$381 billion in merchandise imports, which accounted for 1.7 p.c of the international full, ranked 17th globally, up from 18th in 2020, in accordance to the MOF report.

Globally, China exported US$3.4 trillion in products in 2021, building it the world’s most significant exporting nation with a 15.1 percent share of world exports.

It was followed by the United States (7.9 %), Germany (7.3 percent), the Netherlands (3.8 p.c), Japan (3.4 per cent), and Hong Kong (3. %).

South Korea, Taiwan’s key competitor in the international trade current market, described US$644 billion in goods exports, accounting for 2.9 per cent of earth goods exports and ranking seventh in the planet, according to MOF info.

The world’s top rated five importing countries in 2021 ended up the U.S., China, Germany, Japan, and the Netherlands.

The MOF report also looked at how international trade has developed over the previous ten years and China’s raising export prominence.

It stated China has been the world’s premier exporter because 2009, “benefiting from its dominating manufacturing offer chain all around the environment and actively participating in regional financial and trade integration.”

From 2011 to 2021, China’s share of world-wide exports rose 4.7 percentage factors (pp), in comparison to .5 pp for Hong Kong, and .3 pp for Taiwan.

Japan and Germany’s share of exports for the duration of the exact interval fell 1.1 pp and .7 pp, respectively, and export shares of the U.S., Singapore, and South Korea edged decrease by .2 pp, .1 pp and .1 pp, respectively, the MOF report said.