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Taiwan's exports to New Southbound countries hit new high in 2021

Exports to these markets grew more than exports to rest of the world

A loading dock for a cargo ship.

A loading dock for a cargo ship. (CNA photo)

TAIPEI (Taiwan News) — Taiwan’s exports to the 18 countries targeted in its New Southbound Policy totalled US$82.58 billion (NT$2.29 trillion) last year, according to statistics released by the Office of Trade Negotiations.

This is a historic high, overtaking 2019’s pre-pandemic total of US$63.11 billion. From the perspective of export markets, Taiwan's exports to New Southbound countries grew by 35.2% compared to its overall export growth rate of 29.4%, according to UDN.

This growth was also higher than that of Taiwan's exports to China (25%), Japan (25%), and the U.S. (30%). Among the exports to New Southbound countries, ICT products made up nearly 40%.

The countries included in the government’s New Southbound Policy include Thailand, Indonesia, the Philippines, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia, Laos, India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Australia, and New Zealand.