TAIPEI, Taiwan, (Taiwan Today) – Taiwan exports to India amounted to US$5.32 billion in 2022, up 17.6 percent year on year to the best-ever result after hitting a record high of US$4.52 billion in 2021, according to the Ministry of Economic Affairs (MOEA) March 15.
The MOEA attributed the strong showing to local firms’ constant efforts to expand their presence in the New Southbound Policy target country and improved global economic conditions despite the negative impact of the ongoing Russia-Ukraine war.
- Taiwan exports to India hit another record high in 2022
The latest MOEA statistics show that exports to India rose another 43.5 percent during the first two months of 2023. In comparison, Taiwan’s total exports went up 7.4 percent in 2022 and dropped 19.2 percent over the same period.
Chemicals remained the leading export in 2022, accounting for 22.9 percent of all outgoing shipments. This was followed by plastic and rubber products as well as electronic components and parts, both at 17.5 percent, and machinery at 10.2 percent.
In a noticeable change from previous years, electronic components and parts have taken over chemicals to become Taiwan’s major export item to India in early 2023, accounting for 34.2 percent of total shipments, the MOEA said.
According to the International Monetary Fund, India replaced the UK to become the world’s fifth-largest economy in 2022 and is expected to surpass Japan and Germany to become the third-biggest in 2027. The country is also set to become the most populous this year.
Given its ever-expanding domestic market and IMF-projected economic growth rate of over 6 percent between 2023 and 2027, India remains a potential laden market for Taiwan’s exporters, the MOEA said.
Meanwhile, the sixth Taiwan-Austria Economic Dialogue was staged March 14 in Taipei City, underscoring the two sides’ shared commitment to deepening partnership across the board.
Convened by deputy minister of economic affairs Chen Chern-chyi and Franz Wessig, head of the directorate foreign economic relations under Austria’s Federal ministry of labour and economy, the event focused on customs regulations, digital and innovation cooperation, and the shift to industry 4.0.
– Taiwan, Austria hold economic dialogue, sign MOU on innovation cooperation
In his opening remarks, Chen said that small – and medium-sized enterprises are the backbone of both economies. The MOEA is committed to fostering startups while promoting industrial upgrades and digital transformation of SMEs, he added.
According to Chen, tie-ups in green energy and innovation transition between the two countries are set to take off following the launch of Taiwan’s pathway to achieve net-zero emissions by 2050.
Echoing Chen’s remarks, Wessig said Taiwan and Austria are innovative and open economies that play a key role in the global supply chain. The EU member state is working to cement its business position through a transformation plan accelerating research, manufacturing and energy transition, he added.
According to the MOEA, the two sides inked a memorandum of understanding to boost partnership between their respective innovation industries, facilitating substantial investment and cooperation opportunities.
Statistics show that bilateral trade totaled US$17 billion in 2022, up 6 percent from the year before, making Austria-Taiwan’s seventh-largest trading partner in the EU.
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