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Taiwanese electrical equipment losing China market share

Taiwanese electrical equipment losing China market share

Taipei, May 28 (CNA) Taiwan's electrical machinery equipment and components no longer occupied the largest market share of the Chinese market in 2009 after Hong Kong and South Korea both surpassed Taiwan to become the two largest sources of such imports in China in the first four months of this year, the Ministry of Economic Affairs (MOEA) said Friday.
Imports of Taiwanese electrical machinery equipment and components accounted for 13.9 percent of China's total imports of those products in the first four months -- behind Hong Kong's 14.8 percent and 14 percent from South Korea.
During the first four months, Taiwanese exports to China -- accounting for about 43 percent of the country's global exports -- totaled US$36.1 billion, up 70 percent compared with the same period of last year, according to the ministry.
The ministry's Bureau of Foreign Trade warned in a press release that if South Korea and China sign a free trade agreement, Taiwanese products will inevitably face even more pressure for survival in the future.
To maintain the competitiveness of Taiwanese products in China, the government should aggressively push forward the signing of a proposed cross-strait economic cooperation framework agreement (ECFA), it said.
An MOEA official said, meanwhile, that Taiwan should be vigilant about South Korea's grabbing of the China market for electrical machinery equipment and components -- which include small and medium- sized LCD panels, elevators, generators, transformers, wire and cable.
Man-made fibers was the only product category in which Taiwan remained China's largest source of imports -- accounting for about 28 percent of China's total imports of such products in the first four months -- followed by Japan at 20 percent and South Korea's 17 percent.
South Korea was still China's largest source of imports of optical products, plastic products and organic chemical products in the first four months, according to ministry data.
(By Lin Shu-yuan and Fanny Liu)




Updated : 2021-04-18 11:50 GMT+08:00