TAIPEI (Taiwan News) — Although Taiwan’s overall exports declined by 18.1% during the first half of 2023, adjustments in international supply chains resulted in a surge of exports to Thailand and India, the Ministry of Finance (MOF) said Thursday (July 20).

Exports to the 18 New Southbound Policy countries, which include Thailand and India, fell by 17.1%, but exports to Thailand rose by 16% and to India by 12.4%, the Liberty Times reported. Information technology products and electronic parts were mostly responsible for the increase. 

The New Southbound Policy countries accounted for 20% of Taiwan’s exports in the Jan.-June period, totaling US$41.4 billion (NT$1.28 trillion). Exports to Bangladesh fell by more than half compared to the same period last year, while Cambodia, Vietnam, and the Philippines recorded declines of 30%.

The MOF said the rise in exports to US$4.4 billion for Thailand and US$3 billion for India made records. Despite global inflation fears, interest rate hikes, the war in Ukraine, and tension between China and the United States, the second half of 2023 would see exports improve due to factors including demand for new technology products, the MOF said.