GARDEN Trader 2023

Overview of Taiwan’s Exports to the Global Markets January to October 2022 ased on the official data from the Customs Administration of the Ministry of Finance of Taiwan on exports of four agricultural and horticultural-related products, except for related machin- ery parts which had a slight positive growth of 0.94%, the export of hand tools, cutting tools and spreading machines all showed negative growth, with growth rates of -2.15%, -15.32%, and -6.99%, respectively. Therefore, the exports of 2022 (till Oct.) slightly underperformed compared with the data of 2021 which all had positive growth. The total exports of hand tools reached US$46,318 thousand as of October with the top five export markets as the United States, the Netherlands, the United Kingdom, Germany and France in turn, accounting for 59.27% of the exports. The United States has consistent- ly been the leading destination for exports of hand tools from Taiwan, with positive growth seen over the past three consecutive years. However, the rate of growth has slightly decreased to 0.41%. As of October, the market with the largest export increase is the Netherlands, which reached a growth rate of 31.48% and an increase of US$1,174 thousand in export value. The total exports of cutting tools reached US$27,175 thousand as of October, showing signs of continuous decline on an annual basis. The United States, which has the largest share of Taiwan's exports all year round, had an export growth rate of -23.75% as of October. In contrast, Germany, the second largest export market for Taiwan, is growing on an annual basis. The export markets with positive growth in the most recent two years include France, Russia, India, Malaysia, Singapore, Ireland, South Korea, Chile, and the United Arab Emirates. The total exports of spreading machines reached US$10,104 thousand in October with the top five export markets as the United States, the Netherlands, Germany, Japan, and Slovenia, accounting for about 65.07% of the export. As of October 2022, the share of Taiwan's exports to the United States increased from 23.25% in 2021 to 38.71% in October 2022. The Netherlands which originally ranked ninth in the terms of share of Taiwan's exports soared to second in 2021. The United States, the Netherlands and Canada had the highest export growth rates of 54.86%, 128.35% and 519.46%, respectively. The total export of related machinery parts reached US$18,766 thousand in October with the top five export markets as Japan, the United States, Indonesia, the Philippines, and Malaysia, accounting for about 90.63% of the export. Japan, which has the largest share of Taiwan's exports all year round, had an export growth rate of 44.18% as of October, accounting for 60.66%. In contrast, the United States, which is Taiwan’s second-largest export market, decreased from 29.04% in 2021 to 15.09%. B By/ Infotrade w w w . I M B 2 B . c o m INDUSTRY TRENDS 12