Taiwan Largest Trading Partner
China is Taiwan’s top trading partner, with $273 billion in bilateral trade between the two countries last year. An estimated 33% of Taiwan’s overall trade with the rest of the world is represented by this.
China imposed a restriction on the import of thousands of Taiwanese foods, including fruit and vegetables, pastries, and baby food, after US House Speaker Nancy Pelosi visited Taiwan. Beijing restricted the importation of frozen hairtail and mackerel from Taiwan as well as citrus on Wednesday.
On Tuesday, products from at least 50 import categories, including vegetables, biscuits, cakes, beverages, and fresh seafood, were classified as “suspended” on the website of the Chinese customs agency. Top Taiwanese firms including Taisun, A.G.V. Products, Wei Chuan Foods, Wei Lih Food, and I-Mei Foods were represented on the list.
According to a representative of Taiwan’s Ministry of Economic Affairs, the Council of Agriculture and other pertinent divisions are aware of the prohibition and are assisting industry participants in “responding effectively.”
According to data from the Finance Ministry, Taiwan exported food, beverages, and alcoholic beverages to China for about $683 million last year. Taiwan sent $183 million worth of food and beverages in the first half of this year as viral lockdowns in Shanghai and other big cities reduced demand.
Taiwan world’s major chip supply
Taiwan, which manufactures half of the world’s processor chips and has superior technology to China. From $104.3 billion, sales to Chinese factories increased by 24.4%. China has not stopped the supply of chips and other industrial components, a risky move that would rock the fragile world economy. With a population of 24.5 million, Taiwan dominates the semiconductor market, providing more than half of the world’s supply.
Taiwan Semiconductor Manufacturing Corp., one of its makers, creates the most cutting-edge processors for smartphones, tablets, medical equipment, and other items. Beijing has committed tens of billions of dollars in the growth of its own sector, which provides low-end chips for automobiles and appliances but is unable to support the most recent tablets, smartphones, and other items. With a yearly value of more than $400 billion, chips surpass crude oil as China’s largest import.
What is the impact on global supply chains
Analysts and traders are concerned about the impact of rising China-Taiwan tensions on the world economy and inflation prospects. The major stock indices closed Tuesday’s trading day in the red, and safe-haven currencies surged. Asian markets slightly recovered on Wednesday morning, although risk sentiment is still subdued.
According to Edward Moya, senior market strategist for Oanda, “China’s reaction to Pelosi’s visit to Taiwan could have an impact on supply chains and demand, which could keep the inflationary pressures going strong.” The pandemic and the war in Ukraine have already disrupted international supply networks.
Recently, the World Bank reported that double-digit inflation is occurring in numerous nations. Any confrontation in Taiwan, a major supplier of semiconductors, may make the worldwide chip shortage, which is already putting pressure on the auto industry, worse. The Taiwan Strait is a crucial transportation route for ships transporting cargo from Asia to the West.
The largest contract chip maker in the world, Taiwan Semiconductor Manufacturing Company, is essential to the functionality of products created by tech giants like Apple, Qualcomm, and Nvidia. This week, TSMC chairman Mark Liu warned a war between China and Taiwan would be bad for everyone in an interview with CNN. He warned that using armed force or invasion would make the TSMC manufacturing inoperable. 90% of the world’s most advanced chips are produced by TSMC, one of Asia’s most valued corporations.
How did we find out about this information?
By using Trade Data Pro , we can see all the import and export data as well as buyers archives. Business owners can take this opportunity to search for all the suppliers affected in Taiwan by importing at better prices due to the over supply due to the export suspension by China. While business owners in Taiwan can source companies interested in exporting their products to counter this situation. Trade Data Pro‘s Buyers Archive has detailed contact information on business owners and trade history. This can enable companies looking for suppliers or buyers to get access to accurate and reliable data sources. Here are samples of Import Data and Export Data from Taiwan.
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Businesses need information to reveal trends, identify market opportunities, track competitors buyers and suppliers, and better understand supply chain potential. Finding these critical data has traditionally been challenging. But this information do exist, but as part of government import and export filing requirement. The detailed shipment information which are within these filings constructions the core of the global trade. Trade Data Pro has gathered and packaged these information as business intelligence. Our solution helps companies understand the flow of goods across borders and features the world’s largest searchable trade database. We do the heavy lifting for you by reviewing, standardising, and cleaning data, then delivering in an intuitive format.