The Ministry of Economic Affairs (MOEA) commissioned the Taiwan External Trade Development Council (TAITRA) to hold the 2018 US Business Day at the Taipei International Convention Center on October 4th. The event continued previous work with the American Institution in Taiwan and the American State Offices Association to create new trade and investment opportunities between the two sides as well as deepen bilateral economic and trade relations.
The Bureau of Foreign Trade said that since the launch of the "US Business Day" in 2012, it has become an important annual event for matching business opportunities between Taiwan and the U.S. Last year (2017), the "US Business Day" achieved marked results, inviting a total of 13 U.S. buyers mainly in the high-tech and ICT industries to come to Taiwan, which created many business opportunities for the industrial chain cooperation between Taiwan and the United States. Some of the buyers saw the superior supply capability of Taiwanese manufacturers and proactively extended negotiations to 2 days. The day facilitated a total of 150 sessions and business opportunities of US$ 14.55 million.
This year, a total of 12 U.S. buyers came to Taiwan to participate in one-on-one trade negotiations. Their procurement and product sales range from machinery equipment and parts, ICT, biotechnology, hand tools, hardware, furniture, food, to auto parts and accessories. In addition, the economic development offices of the great states of Arkansas, Wyoming, Hawaii, and Louisiana explained their respective investment environments and business opportunities through the “Seminar on U.S. Investment Opportunities.” The seminar leveraged the complementary nature of the industrial structures of the two sides and linked up trade and investment opportunities to facilitate business cooperation, and thereby strengthening trade relations.
The U.S. is one of the most important trading partners of Taiwan as well as our main export market. According to statistics from the Customs Administration of Taiwan, trade between the United States and Taiwan reached US$67.178 billion in 2017, of which Taiwan exported US$36.942 billion to the United States, and imported US$30.236 billion. Between January and August this year (2018), total trade amounted to US$47.8 billion. Of this figure, our exports to the US were $25.5 billion, and imports from the US were $22.34 billion. Our main exports to the United States comprise electrical equipment parts, portable automatic data processing machines and accessories, automobiles and parts, steel products, plastics and plastic products. Our main imports from the United States consist of turbine injection engines and parts, semiconductor machine tools, integrated circuits, optical cameras and other instruments, as well as aircrafts or helicopters.
The United States is also an important source of technology for Taiwan. The two sides have a long-standing foundation of cooperation as well as common interests in the global and Asia-Pacific industrial supply chain. The BOFT stated that Taiwan is an important link in the global supply chain and will continue to promote the development of our industrial clusters in the future. Additionally, our government is currently strengthening industrial innovation and deepening our industrial linkages and partnerships with US states to expand the global market.