TAIPEI (Taiwan News) — There was no need to worry about the supply of natural gas, soybeans, wheat, and corn because trade with Russia and Ukraine amounted to less than 1% of Taiwan’s foreign trade, the Ministry of Economic Affairs (MOEA) said Thursday (Feb. 24), shortly after Russia attacked its neighbor.
Taiwan’s stock market index plunged 461.88 points or 2.55% to close at 17,594.55 amid news of mounting hostilities and missile attacks launched by Russian President Vladimir Putin’s military following weeks of tension.
However, MOEA Vice Minister Chen Chern-chyi (陳正祺) said there was no need to fear the impact of the war on Taiwan’s inflation and energy supply, UDN reported. While the country imported some natural gas from Russia, overall bilateral trade amounted to less than 1% of Taiwan’s total foreign trade, he said. The same was true for trade with Ukraine.
After the weekly Cabinet meeting, Chen told reporters that the war was unlikely to affect Taiwan’s economy, while the impact on supply chains was under control. The MOEA was in constant close contact with businesses to learn about the latest developments, but at present there was no cause for worry, according to Chen.
Taiwan only imported 1.64% of its corn from Ukraine, but the MOEA would monitor the potential impact of the war on international wheat prices and implement early warning measures, the vice minister said.