TAIPEI (Taiwan News) — The Cabinet announced that Taiwan ranked as the seventh-largest United States trading partner, up one spot from 2023, CNA reported.
Taiwan-US bilateral trade totaled NT$4.832 trillion (US$158.6 billion) last year, a 24.2% increase. The US trade deficit with Taiwan reached NT$2.255 trillion, making it the sixth-largest US trade deficit partner, a 54.6% rise from 2023.
US exports to Taiwan totaled NT$1.29 trillion last year, making Taiwan the 12th-largest export market for the US, a 6% increase from the previous year. Meanwhile, US imports from Taiwan reached NT$3.545 trillion, making it the eighth−largest source of US imports, a 32.5% increase compared to 2023.
US exports to Taiwan saw increases of NT$9.26 billion in tanks and armored vehicle components, NT$62.29 billion in computer components, and NT$21.17 billion in automatic data processing equipment.
US imports from Taiwan saw significant increases, including a 91.02% rise in galvanized iron or non-alloy steel, an 82.02% increase in automatic data processing equipment, and an 81.69% growth in computer components.
The Ministry of Economic Affairs said surging demand for AI-related technology, including graphics cards and servers, has driven Taiwan's export growth to the US.
Automatic data processing equipment and integrated circuits (IC) were Taiwan's top two exports to the US last year. The US was also TSMC's seventh-largest export market, with a total export value of NT$232.1 billion.
The ministry also said that Vietnam has attracted significant foreign investment, driving a rise in its US exports. Last year, Vietnam became the eighth-largest US trading partner, with key exports including computers, electronic products, and machinery.
Mexico and Canada were the top two US trading partners last year, with bilateral trade totaling NT$26.45 trillion and NT$23.98 trillion, respectively. Mexico had the second-largest US trade deficit at NT$5.41 trillion, following China's NT$9.3 trillion deficit. The US-Vietnam trade deficit ranked third at NT$3.89 trillion.
The ministry added that it will continue collaborating with the Taiwan External Trade Development Council and the Industrial Technology Research Institute to assist Taiwanese businesses. It will also expand efforts to invite foreign buyers to Taiwan for procurement and help establish overseas marketing channels.
