Taiwan retained its position as having the fourth largest foreign exchange reserves in the world at the end of May, as forex reserves hit a record high, according to the central bank. Data compiled by the central bank showed Taiwan's forex reserves as of May totaled US$484.52 billion, up US$2.73 billion from a month earlier, helping the country retain its position as having the fourth largest forex assets in the world.

Singapore-based DBS Bank on Wednesday retained its forecast of a 1 percent contraction of Taiwan's gross domestic product (GDP) in 2020, citing the impact of the COVID-19 pandemic. In a statement, DBS said Taiwan's economic development in the second half of the year is likely to remain under the shadow of a deteriorating job market, in which the number of furloughed workers has been increasing, and amid rising tensions between the United States and China.

A joint petrochemical complex planned by Taiwan's state-owned oil company CPC Corp. and its Indonesian partner PT Pertamina will be located in Balongan, West Java, Sindonews reported Friday. The Indonesian news media cited Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, as saying the state-run Indonesian oil and gas company, and Taiwan's CPC have entered into the final stage of talks about the investment.

Taiwan is looking forward to enhance closer trade and economic ties with India in the post-COVID-19 pandemic era, the country's top envoy to the South Asian country said during a recent interview. In the interview published by eGov Magazine Friday, Tien Chung-kwang (田中光) shared his views on Taiwan's economic outlook and its economic prospects with India.

Export orders in Taiwan grew in April, up 2.3 percent year on year to US$38.53 billion, according to the Ministry of Economic Affairs May 20. Among the country’s main export sectors, orders for information and communication technology products posted the strongest growth, surging 18.6 percent to US$12.49 billion courtesy of robust demand for telecommunication items during the COVID-19 pandemic.

Local surgical face mask manufacturers have seen a spike in orders as a ban on open market surgical mask sales that has been in place since late January is set to be lifted on June 1. Taiwanese mask brand CSD said it has received a huge number of inquiries since Monday, after the Central Epidemic Command Center (CECC) said the ban could be lifted because Taiwan now has enough masks to meet its daily needs, especially as the COVID-19 threat eases.

The tariff on imported face masks will be re-imposed in Taiwan effective Wednesday, after being temporarily lifted due to the COVID-19 pandemic, the Ministry of Finance (MOF) announced Tuesday. The tariff on such items will return to 7.5 percent, while a 10 percent import tax will continue to be charged on the ingredients of pharmaceutical alcohol, half the usual 20 percent, until Aug. 26, according to the MOF's Customs Administration.

The COVID-19 Pandemic has impacted the global economy by disrupting the supply chain while freezing the market demand. Taiwan, as a global technology hub, is simultaneously transforming and upgrading its technology industry to adjust to the changes, aiming to work hand in hand with the international community amid and post COVID-19.

Taiwan must seize the opportunity to work with major economies seeking to relocate global supply chains outside of China amid the COVID-19 pandemic, domestic scholars suggested as President Tsai Ing-wen (蔡英文) begins her second term on May 20. The pandemic, which has made many countries aware of their growing economic dependence on China for goods in several critical sectors, has led to calls to delink global supply chains of major industries from China.