Taiwan’s Economic Recovery Uneven The Directorate-General of Budgeting, Accounting and Statistics (DGBAS) in early August revised its 2021 GDP growth forecast to 5.88%, up 0.42 percentage points from the one it made in June, as sustained global demand caused July exports to reach a record US$37.95 billion. Imports in July grew by 41% year-on-year to…
Exports Increase, NTD Trends Down Despite the impact of Taiwan’s recent COVID-19 outbreak, the latest GDP forecast from the Taiwan Institute of Economic Research (TIER) predicts an annual economic growth rate of 5.40% in 2021. This growth can mainly be attributed to Taiwan’s exports in goods, which have remained “strong and robust.” Exports in June…
A weekly snapshot of Taiwan business news stories brought to you by CommonWealth and AmCham Taiwan’s TOPICS Strong Demand for Technology Drives Increased GDP Growth Even as Taiwan has struggled to contain a local outbreak of COVID-19, the international community continues to have confidence in Taiwan’s economy. Taiwan Ratings, the Taiwan subsidiary of S&P Global…
China’s recent ban on pineapple imports from Taiwan provides an occasion for policymakers to rethink the island’s dependence on the Chinese market for agricultural exports. In late February, just as Taiwan’s pineapple season was set to begin, China’s General Administration of Customs announced that it would suspend the import of Taiwanese pineapples beginning March 1….
By Austin Babb and Jason Wu Exports Climb as FOREX Reserves Fall The International Monetary Fund (IMF) in April raised its forecast of Taiwan’s 2021 GDP growth to 4.7%, much higher than the 3.2% figure it provided last October. The organization’s biannual World Economic Outlook report cited a “stronger than anticipated rebound” of the global…
Last month, Central Bank of the Republic of China (CBC) Governor Yang Chin-long spoke to lawmakers regarding the U.S. possibly labeling Taiwan a currency manipulator, one of the criteria for which is a trade surplus with the U.S. of more than US$20 billion. Yang noted that the U.S. market has become increasingly reliant on Taiwan…
Business & Economic Optimism Abound February was a down month for manufacturers in Taiwan this year, according to the results of a monthly business outlook survey conducted by the Taiwan Institute of Economic Research (TIER). It makes sense: February is already the shortest month of the year. Add to that the fact that both the…
By Austin Babb and Jason Wu Taiwan Secures COVID Vaccines As of February 21, Taiwan has secured around 20 million doses of COVID-19 vaccines from three different sources. It is expected to begin a rollout of the vaccine by early March, according to Health and Welfare Minister Chen Shih-chung. Taiwan will obtain 10 million doses…
By Austin Babb and Jason Wu Forecasts Rise, As Do Exports Prospects continue to look positive for Taiwan’s economy in 2021. The National Development Council (NDC) forecast in mid-February that Taiwan’s GDP could expand by more than 4% this year. A few days later, the Directorate-General of Budget, Accounting and Statistics (DGBAS) upgraded its own…
By Austin Babb and Jason Wu Sustained Growth Expected in 2021 While the combined effects of COVID-19 and the U.S.-China trade dispute caused many economies to contract in 2020, Taiwan boasted GDP growth of a projected 2.54%, 0.98 percentage points higher than forecasts made earlier in the year. This growth can be attributed primarily to…
