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Taiwan's exports, markets overly concentrated: MOEA

Taiwan's exports, markets overly concentrated: MOEA

Taipei, March 25 (CNA) Taiwan's exports are too highly concentrated in a limited number of products and markets, the Ministry of Economic Affairs warned Wednesday in a statistical summary of the country's export diversity. The rates of product and market concentration is higher than those in South Korea, Japan and China and could leave Taiwan vulnerable to major economic changes, the ministry said. Taiwan's top four export items in 2014 accounted for 36.5 percent of the country's total exports, significantly higher than the same ratios in South Korea (30.2 percent), Japan (23.1 percent), and China (20 percent). Integrated circuits accounted for 23 percent of Taiwan's exports, followed by refined petroleum products (mainly gasoline), liquid crystal displays and light-emitting diodes (LED). South Korea's top four export products in 2014 were integrated circuits, petroleum products, small passenger cars and mobile phones. In terms of export markets, Taiwan's four biggest markets -- China, Hong Kong, the United States and Singapore -- accounted for 57.4 percent of the country's total exports. That was again higher than in Japan (50.2 percent), South Korea (48.1 percent) and China (43.1 percent), a sign, the ministry said, that Taiwan should try to diversify its markets. China accounted for 26.2 percent of all of Taiwan's exports, followed by Hong Kong at 13.6 percent. China's major export markets were the United States and Hong Kong, which accounted for 16.9 percent and 15.5 percent, respectively, of China's exports. Japan's major export destinations were the United States (18.6 percent) and China (18.3 percent), while South Korea's major export markets were China (25.4 percent) and the United States (12.3 percent). The ministry said China (not including Hong Kong) was the top export market for both Taiwan and South Korea, and it now buys about the same percentage of each country's exports (26.2-25.4 percent). The 0.8 percentage point gap has narrowed by 1.5 percentage points since 2012, indicating the intense competition between the two countries. MOEA officials said that while many of the tariff reductions in a prospective free trade deal between South Korea and China will not be phased in for years, they will have an impact on Taiwanese exporters in the future and will have to be addressed. (By Huang Chiao-wen and Lilian Wu)


Updated : 2021-09-17 10:14 GMT+08:00