Reported 7 months ago
Taiwan's New Southbound Policy has shown significant results as the Ministry of Finance announced on June 13th that Taiwan's exports to ASEAN have increased by 41% over four years due to the reorganization and specialization of the electronics and information industries. In the first quarter, Taiwan's market share in ASEAN's import market jumped to 7.7%, moving from the fifth largest to the second largest. Taiwan has particularly seen remarkable export growth to Malaysia, Singapore, and Thailand, with cumulative increases of 61%, 64%, and 97% respectively over four years. The Ministry of Finance attributes this success to factors such as the application of artificial intelligence (AI) and the effects of supply chain transfers, with Taiwan's exports to ASEAN in the first five months of this year growing by 21.1% compared to the total export growth of 9.1%. ASEAN's large population, abundant natural resources, and cost advantages in labor have made it a favored investment destination for various countries, especially amid the global supply chain restructuring catalyzed by the US-China trade war. Taiwanese businesses have diversified their production bases into ASEAN countries to cater to American clients' demands, and with the close integration in industries like electronics and telecommunications, trade relations between Taiwan and ASEAN are deepening.
Source: YAHOO