Which countries were Taiwan's biggest export markets in 2021?

According to data from the Taiwan government, the country's exports amounted to $448 billion in 2021

Representative image. Credit: iStock photo

Following the visit of US House Nancy Pelosi to Taiwan last week, the already strained relations between the the island country and mainland China, have soured considerably.

During and after Pelosi's visit, China has put constant pressure on Taiwan, officially the Republic of China, imposing sanctions on trade and creating what is effectively a blockade in the waters surrounding it under the pretext of military exercices.

While China's ban on imports of fish from Taiwan is unlikely to cause a major impact to the global economy, its increased military presence around Taiwan, coupled with its ban on export of natural sand to the world's semiconductor manufacturing hub, could have potentially devastating consequences for the world.

Read | Taiwan is in play. What is New Delhi’s game?

According to Taiwan's government ata, the country's exports amounted to $448 billion in 2021, over 25 per cent of which went to China.

Apart from that, the biggest export markets for Taiwan (in order from the highest) were the United States, Hong Kong (another region Beijing is making strides to put into its control), Singapore, Japan. South Korea, Vietnam, Malaysia, Germany, The Netherlands, and Thailand.

As shown in the map below, the United States accounted for 15.45 per cent of Taiwan's total exports, followed by Hong Kong at 13.93 per cent, Singapore at 6 per cent.

In terms of absolute numbers, the US imported goods worth $69 billion from Taiwan, the highest, while Hong Kong imported $62 billion worth of goods.

$26.9 billion worth goods were exported to Hong Kong, $26.6 billion worth to Japan, goods amounting to $20.4 billion to South Korea and $14.5 billion worth goods to Vietnam.

Malaysia imported goods worth $14.17 billion, Germany $8.2 billion, Netherlands $7.6 billion and Thailand $7.1 billion.

The biggest export orders in the United States, the largest export destination for Taiwan aside from China, belonged to the categories of communication products, followed by electronics, metals, machineries, chemicals, plastics, and textiles.

Interestingly, India was the 14th biggest export destination for Taiwan in 2021, amounting to just 1 per cent of the country's exports with a total value of $4.7 billion. It imported goods worth $3.46 billion in the same period, putting it at a trade surplus against India.