Overall
With a population of 23.3 million, Taiwan is a thriving democracy with a vibrant market economy. In 2022, Taiwan’s GDP grew by 2.45 percent. The unemployment rate was 3.67 percent, while the labor participation rate was 59.18 percent.
As of December 2022, Taiwan was the world’s fourth-largest holder of foreign exchange reserves, with holdings of $ 554.93 billion.
U.S.-Taiwan Trade
The United States and Taiwan have a long-standing and vibrant trade relationship. In 2022, U.S. exports of goods and services to Taiwan were $54.6 billion, up 15.6 percent from 2021, and imports from Taiwan were $105 billion, up 20.9 percent from 2021. As a result, the U.S. trade deficit with Taiwan increased to $50.4 billion. In 2022, exports to Taiwan accounted for 1.8 percent of total U.S. exports, and imports from Taiwan accounted for 2.6 percent of total U.S. imports.
The United States is Taiwan’s second largest trading partner, accounting for 13.3 percent of total trade and 10.6 percent of Taiwan imports. China is Taiwan’s largest trading partner, accounting for 22.6 percent of total trade and 19.6 percent of Taiwan’s imports in 2022. In terms of total trade, other major Taiwan trading partners include Japan (9.7 percent), Hong Kong (7.3 percent), and the Republic of Korea (6.2 percent).
U.S. Goods Trade
In 2022, Taiwan was the United States’ ninth-largest goods trading partner, outranking important markets such as India, with $136.3 billion in two-way goods trade.
Taiwan was the United States’ 13th-largest goods export market at $44.5 billion of goods exported in 2022, an increase of 19.4 percent over 2021.U.S. goods exports to Taiwan accounted for 2.1 percent of U.S. total goods exports. Taiwan was the United States’ sixth-largest agricultural export market in 2022, with exports totaling $4.34 billion, an 11 percent increase over 2021 ($3.9 billion). Top U.S. agricultural exports included soybeans ($1.11 billion), beef and beef products ($746.92 million), corn ($268.38 million), wheat ($379.29 million), and fresh fruit ($189.13 million).
U.S. Services Trade
In 2022, U.S. two-way trade in services with Taiwan reached $23.3 billion. U.S. exports of services to Taiwan amounted to roughly $10.1 billion, a 1.4 percent increase over 2021. Top U.S. services exports included intellectual property (industrial processes), transport, and financial services.
In terms of international travel, 50,470 Taiwan travelers visited the United States in 2021. Taiwan was the sixth-largest source of foreign students pursuing higher education in the United States in 2022 as 20,487 students from Taiwan studied at U.S. institutions of higher education, a 4.1 percent increase from 2021.
U.S. imports of services from Taiwan totaled approximately $13.2 billion in 2022, a 34.5 percent increase from 2021.
Political Environment
For background information on the political and economic environment of Taiwan, please read the U.S. Department of State Background Notes.
Prepared by our U.S. Embassies abroad (and in Taiwan, by the American Institute in Taiwan). With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting https://www.trade.gov/contact-us.
I am an expert in international relations and economics, specializing in the Asia-Pacific region. My knowledge extends deep into the economic dynamics, trade relationships, and political environments of countries like Taiwan. I have been actively involved in research, analysis, and discussions on the intricate details of global economic affairs.
Now, let's delve into the concepts mentioned in the article about Taiwan:
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Economic Overview of Taiwan:
- Taiwan has a population of 23.3 million and boasts a thriving democracy with a vibrant market economy.
- In 2022, Taiwan's GDP grew by 2.45 percent, and the unemployment rate was 3.67 percent, with a labor participation rate of 59.18 percent.
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Foreign Exchange Reserves:
- As of December 2022, Taiwan was the world's fourth-largest holder of foreign exchange reserves, with holdings amounting to $554.93 billion.
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U.S.-Taiwan Trade Relations:
- The United States and Taiwan share a longstanding and vibrant trade relationship.
- In 2022, U.S. exports to Taiwan were $54.6 billion, marking a 15.6 percent increase from the previous year. Imports from Taiwan were $105 billion, up 20.9 percent.
- The U.S. trade deficit with Taiwan increased to $50.4 billion in 2022.
- Taiwan is the second-largest trading partner of the United States, accounting for 13.3 percent of total trade.
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Top Trading Partners of Taiwan:
- China is Taiwan's largest trading partner, followed by the United States. Other significant partners include Japan, Hong Kong, and the Republic of Korea.
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U.S. Goods Trade with Taiwan:
- In 2022, Taiwan was the United States' ninth-largest goods trading partner, with $136.3 billion in two-way goods trade.
- U.S. goods exports to Taiwan totaled $44.5 billion, making Taiwan the 13th-largest goods export market for the U.S.
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Agricultural Trade:
- Taiwan is the sixth-largest agricultural export market for the United States.
- U.S. agricultural exports to Taiwan include soybeans, beef and beef products, corn, wheat, and fresh fruit.
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U.S. Services Trade:
- In 2022, U.S. two-way trade in services with Taiwan reached $23.3 billion.
- U.S. exports of services to Taiwan were approximately $10.1 billion, with top exports including intellectual property, transport, and financial services.
- U.S. imports of services from Taiwan totaled $13.2 billion, reflecting a 34.5 percent increase from 2021.
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International Travel and Education:
- In terms of international travel, 50,470 Taiwan travelers visited the United States in 2021.
- Taiwan was the sixth-largest source of foreign students pursuing higher education in the United States in 2022, with 20,487 students, a 4.1 percent increase from the previous year.
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Political Environment:
- For background information on the political and economic environment of Taiwan, the article recommends reading the U.S. Department of State Background Notes.
This comprehensive overview provides a snapshot of the economic, trade, and political landscape of Taiwan, highlighting its significance in the global arena.
