Taiwan’s total exports to Southeast Asian nations have grown 16% year-on-year. That’s according to finance ministry figures.
The Tsai Ing-wen administration has been pushing the New Southbound policy, seeking closer trading and cultural ties with nations in Southeast and South Asia, as well as with Australia and New Zealand.
From January to April, trade volume to the 18 nations targeted by the policy was US$21.1 billion. The figure accounts for one fifth of Taiwan’s total trade, and represents 16% growth year-on-year.
The head of the government’s statistics office said strong semiconductor performance and the regional supply chain meant consumer electronics accounted for 40% of total exports, a record high proportion. They were followed by mineral products with 13%, then metal and rubber products.
The top four Southeast Asian export destinations were Singapore, the Philippines, Vietnam and Malaysia. Exports to these four nations accounted for more than 70% of total exports to the 18 target nations of the New Southbound policy.