Merchandise Exports in Taiwan
In 2022, merchandise exports of Taiwan were worth USD 479 billion, which is significantly higher than the USD 311 billion registered ten years earlier, and averaged USD 344 billion over the last decade. For more exports information, visit our dedicated page.
Taiwan Merchandise Exports Chart
Taiwan Merchandise Exports Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Merchandise Exports (USD bn) | 329 | 345 | 446 | 479 | 432 |
Merchandise Exports (ann. var. %) | -1.5 | 4.9 | 29.3 | 7.4 | -9.8 |
Merchandise exports accelerate in June
Merchandise exports jumped 23.5% on an annual basis in June (May: +3.5% year-on-year), beating market expectations. The result marked the most robust growth since February 2022, and was largely due to a more-than-doubling of IT exports thanks to booming global demand for AI products. Meanwhile, merchandise imports climbed 33.9% in annual terms in June (May: +0.6% yoy), marking the strongest result since February 2022. As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.7 billion surplus in June (May 2024: USD 6.0 billion surplus; June 2023: USD 6.0 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 90.3 billion surplus in June, compared to the USD 91.7 billion surplus in May.
On the outlook and implications for GDP, ING’s Lynn Song said: “Moving forward, export and import growth should moderate from June's extraordinarily strong read. Year-on-year numbers should remain well supported for most of the second half of 2024. More importantly for growth will be how the trade surplus develops, and if we can see a sustained broader recovery in non-semiconductor related export categories. In general, and with recent economic data trending stronger than expected amid the semiconductor boom, we have upgraded our 2024 GDP growth forecast to 3.8% YoY.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Taiwanese merchandise exports projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise exports forecast available for Taiwanese merchandise exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Taiwanese merchandise exports projections.
Want to get access to the full dataset of Taiwanese merchandise exports forecasts? Send an email to info@focus-economics.com.
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