The Bureau of Foreign Trade (BOFT) under the Ministry of Economic Affairs (MOEA) together with the Taiwan External Trade Development Council (TAITRA) held the second “Seminar on the Changing Global Economy, Trends in Trade, and Analysis of Taiwan’s Exports” on September 5 in this year. The seminar shared big data analysis on Taiwan’s current export status with the public. A total of 85 attendees from associations, foundations, and media representatives, etc. participated in the event.
The BOFT indicated that Taiwan had just experienced import and export declines in the first half of this year, with the key causative factor being the US-China trade war. Nonetheless, the declines in Taiwan have been relatively less significant than in our neighboring Asian countries thanks to a 20% increase to our exports of communication products. Still, in observations on changes to our main export markets, exports to China declined by 8% from January to July this year (2019), but exports to the US hit a record high, increasing by 18%. According to the analysis, the main reason for the drop in China was its significant decrease of non-ICT industry exports, mainly non-chemicals. The export decline of the New Southbound Policy market, on the other hand, was the result of a decline of minerals such as oil exports to the Philippines. In addition, thanks to the Internet of Thing (IOT), Artificial Intelligence (AI) and early release of 5G business opportunities, etc., the ICT industry has grown steadily, with growth rates in June and July at 6.74% and 6.58%, respectively. Growth momentum in the industry mostly came from computer components, servers, switches and routers.
During the seminar, representatives not only enquired on the current state of Taiwan’s exports, changes to our main export markets and products, as well as trends in information communication technology, and machinery, etc., but also expressed hoped that the government could provide more assistance to Small and Medium Enterprises (SMEs) on market expansion and participation in exhibitions abroad.
The BOFT replied to each question raised, and stated that it will continue to observe trends in the global economy and industry needs, and formulate appropriate strategies for overseas market expansion. On top of that, the BOFT encouraged businesses to focus on their product advantages, and leverage digital technology to continue developing new product applications and deploy business in emerging markets to spread out risks, which would help SMEs in these changing circumstances.