TAIPEI (Taiwan News) — Taiwan’s exports to India broke records for two consecutive years, with electronic parts taking the top spot, the Ministry of Economic Affairs (MOEA) said Wednesday (March 15).

Exports to India reached a total value of US$4.52 billion (NT$138.32 billion) in 2021, growing 74.3% from the previous year. Growth continued by 17.6% to reach US$5.32 billion in 2022.

Both figures were records for the period since 1981, when data began to be stored for trade between Taiwan and India, per CNA. The rising trend also did not stop at the end of 2022, as exports for Jan.-Feb. 2023 showed a 43.5% surge from the same period last year to US$1.03 billion.

Apart from increasing, the nature of the export products has also changed, according to the MOEA. Products from the chemical and plastics industries once took up the majority of exports to India, but now, parts for the electronics sector amounted to 34.2% for the first two months of 2023, almost double the amount from 2022.

During 2022, India’s imports rose by 26.2% overall, with products from Taiwan surging by 35.2%, compared to 17.1% for imports from China, 21.3% for South Korea, and 9.1% for Japan.