Japan has replaced U.S. and becomes the top trading partner of Taiwan.

E031007Y8 Nov. 2003（E48）

The Ministry of Economic Affairs points out that, ever since this February, Japan has replaced U.S. and becomes Taiwan’s No.1 trading partner. This is resulted from a shift in our trading strategy, now focusing on Asia market, and a simultaneous and rapid growth in our exports to Mainland China and imports from Japan.

According to the statistics of Ministry of Economic Affairs for January-August 2003, the bilateral trade volumes between Taiwan and Japan has climbed 8.9% over the same period of 2002, and reached US$ 27.77 billions, while the trading volumes between Taiwan and U.S. has dropped 7.8% and accounted for US$ 27.46 billions. The Ministry of Economic Affairs indicated that, since this February, Japan has become and continues to be our largest trading partner, suggesting a long-term phenomenon.

    Last year, the trade between Taiwan and U.S. reached US$44.85 billions, exceeding that, US$39.26 billions, between Taiwan and Japan. Japan’s becoming our largest trading partner is fuelled by the booming market in Mainland China, commented the officer of Bureau of Foreign Trade, now Hong Kong and Mainland China have replaced U.S. to become our major export destinations. Thanks to the collaboration of cross-strait sectors, the demand of Japanese essential components greatly increases. The top two imports from Japan now are electrical equipment and machinery, while the optical instrument, steel, transportation equipment, and organic chemicals imports from Japan also increase significantly over 10%.
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