TAIPEI (Taiwan News) — Taiwan has posted a 20.2 percent annual growth in the export of electronic components between January and June, outperforming Asian countries such as China, Singapore, South Korea, and Japan.

In the first half of the year, China and Hong Kong saw 4.7 percent and 9.8 percent annual growth, respectively, in the same category, while Singapore registered 6.5 percent and Japan 4.6 percent year-on-year rise. South Korean and Malaysian exports of electronic components contracted by 3.1 percent and 6.4 percent, respectively, according to Ministry of Finance (MOF) statistics.

Taiwan shipped a combined 60.4 percent of its total electronic component products to China and Hong Kong, indicating a reliance on the Chinese market. Comparatively, Singapore, Japan, and South Korea accounted for 11.1 percent, 7.8 percent, and 7 percent of the outbound shipments, respectively.

Electronic component exports reached 39.2 percent of Taiwan’s total exports during the first nine months, with integrated circuits (ICs) taking up the lion’s share at 90 percent. The orders have been propelled by robust demand for new smartphones as well as 5G and remote technology applications, said MOF.

A pillar of Taiwan’s economy, electronic component manufacturing generated NT$2.23 trillion (US$78 billion) in market value in 2018, hitting a historical high. As of August 2020, Taiwan has a workforce of 629,000 in the industry, up 12 percent compared to nine years ago.