Taiwan-EU bilateral trade reaches new high

The report revealed that EU’s exports to Taiwan grew 6.7 percent last year to €19.6 billion, while total goods trade grew 3.9 percent to reach €45.7 billion, both the highest on record

(By Central News Agency)

TAIPEI (Taiwan News) - Taiwan-EU bilateral trade achieved its highest record in 2016 with a total trade of €45.7 billion between the two countries, according to a report released by the European Economic and Trade Office Tuesday.

The EU-Taiwan Factfile 2017 revealed that EU’s exports to Taiwan grew 6.7 percent last year to €19.6 billion, while total goods trade grew 3.9 percent to reach €45.7 billion, both the highest on record.

The EU’s imports from Taiwan also reached an all-time high since 2006 with a total value recorded at €26.1 billion, making Taiwan EU’s 19th largest trading partner worldwide and the 7th largest in Asia.

Taiwan is also EU’s 13th largest importer and 23th largest exporter.

On the other hand, the EU is Taiwan’s 5th largest trading partner, following China, the ASEAN bloc, USA and Japan.

Statistics from Taiwan’s Ministry of Economic Affairs also showed that foreign direct investment (FDI) stock from the EU accounted for 27.9% of total FDI stock in Taiwan, making the EU the largest investor in Taiwan, followed by the British Caribbean (18.4%) and the United States (15.5%).

The largest part of Taiwan’s FDI stock was held in China (59.3 percent), while the EU plays a relatively minor role in that regard with 2.4 percent.

According to the report, cooperation and exchanges between the two countries in various fields continued to strengthen in 2016, including research and innovation, education and culture, human rights and climate change.