TAIPEI (Taiwan News) – A report released by the Ministry of Finance (MOF) on April 13 presented global commodity statistics for 2017 based on information from the World Trade Organization (WTO), and according to the report, Taiwan’s exports accounted for 1.8 percent of the entire globe’s exports in 2017.
While that may seem like a relatively small amount, based on the data, it still made Taiwan the 18th largest national exporter in the entire world for 2017 with total exports valued at US$317.2 billion, moving up one spot from 19th in 2016.
The MOF reports say the amount of global exports last year amounted to US$17.7 trillion dollars, which is an increase of 10.6 percent compared to the value of global exports in 2016, and also represents the second year of positive growth.
China was the greatest source of exports in 2017, accounting for 12.8 percent of total exports in 2017 amounting to US$2.3 trillion dollars.
The second largest global exporter was the United States with US$1.5 trillion in exported goods accounting for 8.7 percent of the world total. In third place was Germany with 8.2 percent (US$1.4 trillion) and fourth was Japan with 3.9 percent of global exports.
The Netherlands, South Korea, and Hong Kong followed in the list of largest exporters.
The report from the MOF declares that Taiwan’s exports in 2017 were the highest value ever recorded.
MOF officials say that one reason for Taiwan’s increase in exports over the last year is related to the development of online applications, as well as technologies related to the Internet of Things and various electronic components for vehicles. The demand for semi-conductors has soared in many industries over the past year.
As for global imports, the total of all imports was estimated at US$18 trillion dollars, which is a 10.7 percent increase compared to 2016. The top four importers in order were the U.S., China, Germany, and Japan.
Taiwan’s total imports were valued at US$259.3 billion, and its global ranking was 19th with 1.4 percent of the globe’s total.