By Julia Bergström and Alex Myslinski the Ministry of Finance (MOF). The ministry attributed the growth to strong global demand for AI applications. Exports for the month totaled US$39.94 billion, a growth of more than 3% year-over-year (YoY), while imports increased 16.2% YoY to US$35.1 billion. MOF said that while the growth came amid a…
By Simon Xiao Response to Biden Ending His Candidacy Asked about the potential impact on Taiwan of U.S. President Joe Biden’s decision not to seek reelection, Premier Cho conveyed confidence in the ability of the American electorate to select an appropriate leader through their democratic process. Vice President Kamala Harris, who replaces Biden as the…
By Simon Xiao GDP Forecast Raised The Chung-Hua Institute for Economic Research (CIER) has revised its GDP growth forecast for 2024 to 3.81%, an increase from April’s estimate of 3.38%. This adjustment is attributed to robust global demand for AI technologies, heightened exports, and strong domestic consumption. These optimistic projections from CIER align closely with…
BY JAMES HILL AND ALEX MYSLINSKI GDP Forecasts Raised The Chung-Hua Institution for Economic Research (CIER) has raised its 2024 GDP growth outlook for Taiwan from 3.1% in January to 3.38%, citing optimism for recovery in the export sector. As global trade is expected to expand by 5.09% this year, CIER expects Taiwan’s exports to…
BY JAMES HILL AND ALEX MYSLINSKI Taiwan Relations Act Turns 45 Outgoing President Tsai Ing-wen met with Randall G. Schriver, the former U.S. Assistant Secretary of Defense for Indo-Pacific Security Affairs, to commemorate the 45th anniversary of passage of the Taiwan Relations Act (TRA). Serving as the cornerstone of unofficial Washington-Taipei relations, the TRA continues…
BY JAMES HILL AND ALEX MYSLINSKI Electricity Rates Rise, Exports Bounce Back Taiwan has increased the price of electricity by 11% on average. The planned adjustments to electricity rates will be in effect from April to September, the period of highest usage due to demand for air-conditioning. For most households, the increase is between 3%…
BY JAMES HILL AND ALEX MYSLINSKI Michigan Opens Taiwan Office Michigan Governor Gretchen Whitmer on March 4 announced the opening of the Michigan Taiwan Office, a move President Tsai Ing-wen welcomed as fostering closer bilateral exchanges. Taiwan and Michigan signed a memorandum of understanding (MOU) on economic and trade cooperation last year. The new office…
BY JAMES HILL AND ALEX MYSLINSKI Taiwan’s 2024 GDP Forecast up Exports in January reached US$37.2 billion, a year-on-year (YoY) increase of 18.1%. January was the third consecutive month with a YoY export expansion. Import value came to US$34.7 billion, an increase of 19% YoY. In January, Taiwan’s unemployment rate dropped to 3.3%, the lowest…
BY JAMES HILL AND ALEX MYSLINSKI U.S. Senate Passes Taiwan Aid Bill On February 13, the U.S. Senate passed legislation that would provide US$66.3 billion in security aid to Israel, Ukraine, and Taiwan. The bill, which allocates up to US$1.9 billion for the replacement of defense articles and reimbursement of defense services to Taiwan, has…
BY JAMES HILL AND ALEX MYSLINSKI Exports up; Salaries Down Taiwan’s exports recorded their third-highest annual level in 2023, totaling US$432.4 billion, compared with US$479.4 billion in 2022 and US$446.4 billion in 2021. The boost was partly attributed to sales of AI applications, servers, and cloud computing equipment, which together rose 28.9% from 2022 to…
