Taiwan’s exports to the 18 countries covered by the government’s New Southbound Policy picked up more steam during the first four months of the year, reflecting the effectiveness of the initiative in driving the local economy, according to the Directorate-General of Budget, Accounting and Statistics June 2.
 
A key component of President Tsai Ing-wen’s national development strategy, the initiative seeks to deepen Taiwan’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
 
Citing statistics compiled by the Ministry of Finance, the DGBAS said exports to the regions totaled US$21.14 billion for a gain of 15.6 percent year on year, compared to the 13.6 percent increase in the nation’s global exports over the same period.
 
Exports to the 10 ASEAN member states performed particularly well, surging 17 percent year on year and accounting for the lion’s share at 87.1 percent of exports to New Southbound Policy countries. This is followed by an 8 percent gain in exports to the six South Asian countries and an increase of 4.9 percent registered for Australia and New Zealand.
 
Electronic components and parts were the leading export items, comprising 35.8 percent of all outgoing shipments to the regions. Minerals came in second at 11.5 percent, while basic metals and related products, plastic and rubber products and machinery made up 9.3 percent, 7.5 percent and 6.9 percent, respectively.
 
According to the Office of Trade Negotiations under the Executive Yuan, Taiwan’s trade with the 18 targeted countries amounted to US$96.02 billion in 2016, or 18.8 percent of the national total.
 
The New Southbound Policy is also paying handsome tourism dividends. Latest statistics from the Tourism Bureau reveal that the number of travelers arriving from the regions rose 15.3 percent to 1.79 million in 2016, exceeding the annual target of 1.55 million. (SFC-E)
 
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          Breakdown of Taiwan Exports to New Southbound Policy Countries