Taiwan’s Top 15 Import Partners

Taiwan's Top 15 Import Partners

by Flagpictures.org

Referred to as Chinese Taipei and formally called the Republic of China, Taiwan neighbors the People’s Republic of China to the west, Japan to the east and the Philippines to the south.

Taiwan shipped US$280 billion worth of products around the globe in 2015. That figure represents roughly 1.5% of overall global exports estimated at $18.686 trillion.

From a continental perspective, 72.7% of Taiwan’s total exports by value in 2015 were delivered to other Asian trade partners.

North American importers purchased 13.9% of Taiwanese shipments while ?.?% worth of products arrived in European countries.

At 0.8%, a much smaller portion of Taiwanese exports were bought by African importers.

Taiwan’s Top 15 Import Partners

Top 15

Below is a list showcasing 15 of Taiwan’s top import partners, countries that imported the most Taiwanese shipments by dollar value during 2015. Also shown is each import country’s percentage of total Taiwanese exports.

  1. China: US$71.1 billion (25.4% of total Taiwanese exports)
  2. Hong Kong: $38 billion (13.6%)
  3. United States: $34.3 billion (12.2%)
  4. Japan: $19.3 billion (6.9%)
  5. Singapore: $17.2 billion (6.2%)
  6. South Korea: $12.5 billion (4.5%)
  7. Vietnam: $9.5 billion (3.4%)
  8. Philippines: $7.4 billion (2.7%)
  9. Malaysia: $7.1 billion (2.5%)
  10. Germany: $5.9 billion (2.1%)
  11. Thailand: $5.7 billion (2%)
  12. Netherlands: $4.1 billion (1.5%)
  13. United Kingdom: $3.8 billion (1.3%)
  14. Australia: $3.2 billion (1.1%)
  15. Indonesia: $3 billion (1.1%)

Over four-fifths (86.5%) of Taiwanese exports in 2015 were delivered to the above 15 trade partners.

Six country on the list of top importers increased their purchases from Taiwan by modest percentages from 2011 to 2015, led by Philippines (up in value by 7%) and Japan (up 6%).

Over the same period, import declines ranged from -37% for Indonesia to -4.8% for Hong Kong.

Deficits

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

In 2015, Taiwan incurred the highest trade deficits with the following countries:

  1. Japan: -US$19.4 billion (country-specific trade deficit in 2015)
  2. Saudi Arabia: -$5.6 billion
  3. Qatar: -$3.8 billion
  4. Kuwait: -$3.8 billion
  5. Indonesia: -$2.9 billion
  6. Germany: -$2.7 billion
  7. Australia: -$2.5 billion
  8. Oman: -$2.1 billion
  9. United Arab Emirates: -$2 billion
  10. Russia: -$1.5 billion

Among Taiwan’s import partners that cause the greatest negative trade balances, Taiwanese deficits with Oman (up 94%), Russia (up 77.1%) and Iraq (up 43.4%) grew at the fastest pace from 2011 to 2015.

These cashflow deficiencies clearly indicate Taiwan’s competitive disadvantages with the above countries, but also represent key opportunities for Taiwan to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

In 2015, Taiwan incurred the highest trade surpluses with the following countries:

  1. Hong Kong: US$36.6 billion (country-specific trade surplus in 2015)
  2. China: $27 billion
  3. Singapore: $10.1 billion
  4. United States: $7.7 billion
  5. Vietnam: $7 billion
  6. Philippines: $5.6 billion
  7. United Kingdom: $2 billion
  8. Thailand: $1.7 billion
  9. Mexico: $1.6 billion
  10. Turkey: $1.3 billion

Among Taiwan’s import partners that cause the greatest positive trade balances, Taiwanese surpluses with Canada (up 85.7%), Mexico (up 75.8%) and Philippines (up 23.4%) grew at the fastest pace from 2011 to 2015.

These positive cashflow streams clearly indicate Taiwan’s competitive advantages with the above countries, but also represent key opportunities for Taiwan to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Taiwanese Import Partners

Forty-seven corporations rank among Forbes Global 2000 for 2015. Below is a sample of the major Taiwanese companies that Forbes included:

  • Hon Hai Precision (electronics)
  • Taiwan Semiconductor (semiconductors)
  • Formosa Petrochemical (oil, gas)
  • Formosa Chemicals (specialized chemicals)
  • Quanta Computer (computer hardware)
  • China Steel (iron, steel)
  • Nan Ya Plastics (diversified chemicals)
  • Formosa Plastics (specialized chemicals)
  • Uni-President (food processing)
  • Asustek Computer (computer hardware)
  • Mediatek (semiconductors)
  • Delta Electronics (electronics)
  • Advanced Semiconductor (semiconductors)
  • Pegatron (electronics)
  • Cheng Shin Rubber Industry Co. (automotive parts)

According to IMPORTERS.com listings for Taiwanese suppliers, the following are companies that ship products from Taiwan to its import partners around the globe. Shown within parenthesis are examples of products that the Taiwanese business provides.

  • Ever Honor Industries, Inc (food coloring, additives)
  • Fuho Technology Co Ltd (vehicle video recorders)
  • Hoya International Co, Ltd (industrial tools)
  • Intertrust Corporation (aerosol can goods )
  • J&A Information Inc (computer memory products)
  • Li Jun Enterprise Co, Ltd (marine diesel engines, parts)
  • Lian Jeng Co (milling machines)
  • Paichang Corporation (electronics, e-cigarettes)
  • Stars Navigation Technologies Ltd (GPS, tracking equipment)
  • Weld Want Group Co, Ltd (super glue, adhesives)


 
See also Taiwan’s Top 10 Imports, Highest Value Taiwanese Import Products and Highest Value Taiwanese Export Products

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on April 2, 2016

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on April 2, 2016

Investopedia, Net Importer Definition. Accessed on April 2, 2016

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 2, 2016

IMPORTERS.com The Online Market for G20 Importers, Taiwan Import Export Directory. Accessed on April 2, 2016