Taiwan’s exports remain robust in 2023 despite global uncertainties such as geopolitical tensions and high inflation. (MOFA)
 

Taiwan’s trade surplus soared 56.9 percent to hit an all-time high of US$80.56 billion last year, reflecting the success of the government’s various investment promotion projects, enhancing local supply chain resilience and boosting the overall economy, the Ministry of Economic Affairs said Jan. 9.

According to the MOEA, despite high inflation and dampened consumption worldwide, Taiwan’s exports totaled US$432.48 billion in 2023, the third highest on record and marking the third year in a row figures surpassed the US$430 billion threshold.

While this is a drop of 9.8 percent year on year, the ministry attributed the decrease to the unusually high total in 2022, adding that the 11.8 percent annual gain in December exports signals a positive trend going forward.

A breakdown of the figures shows that annual exports of audiovisual and information communication products were at their best, up 28.9 percent year on year to reach US$83.36 billion. Exports to the U.S. and Europe respectively totaled US$76.24 billion and US$42.29 billion, both record highs.

Despite uncertainties such as the ongoing Russia-Ukraine war and persistently high inflation, the ministry said the expansion of artificial intelligence, cloud computing and telematics will continue to sustain Taiwan’s exports in the first quarter of 2024.

MOEA statistics show that foreign firms have invested more than NT$2.4 trillion (US$77.36 billion) in Taiwan since 2016, while the government’s three major homebound investment promotion initiatives have brought in NT$2.1 trillion since then. (SFC-E)