Taipei, April 3 (CNA) Taiwan’s exports bucked a world downtrend in 2020, rising to the fifteenth highest on the earth, up two notches from the earlier yr, regardless of the COVID-19 pandemic, in keeping with the Ministry of Finance (MOF).
Citing World Commerce Group statistics, the MOF mentioned Taiwan recorded its greatest export efficiency in 16 years in 2020, with its outbound gross sales rising virtually 5 p.c from a yr earlier to US$345.21, on the again of stable demand for tech devices.
In the meantime, the combination world exports fell 7.5 p.c to US$17.6 trillion amid the COVID-19 pandemic, the MOF mentioned.
Taiwan rose within the worldwide rankings from seventeenth to fifteenth, unseating Russia and Spain and accounting for two p.c of the world’s whole exports in 2020, the ministry mentioned.
Amongst different exporters within the Asia-Pacific area, Hong Kong was in sixth place with exports of US$548.8 billion, South Korea at seventh with exports of US$512.5 billion, and Singapore 14th with US$362.5 billion value of exports, the MOF mentioned.
China ranked as the highest exporters on the earth in 2020, taking a 14.7 p.c share that totaled US$2.59 trillion, whereas america with exports of US$1.43 trillion, or an 8.1 p.c world share, was second, adopted by Germany with exports of US$1.38 trillion, or 7.8 p.c share of the overall, the information confirmed.
Based on the MOF, China benefited from its efforts to develop a world provide chain and has been rolling out extra worth added merchandise since 2009.
When it comes to imports, Taiwan was 18th globally in 2020, shopping for US$285.8 billion value of products that accounted for 1.6 p.c of the overall worldwide, the information confirmed.
Whereas Taiwan’s 2020 imports rose barely by 0.1 p.c from a yr earlier, its world rankings fell one notch year-on-year, the information indicated.
In 2020, the U.S. was the most important importer on the earth, buying US$2.408 billion value of products, adopted by China with US$2.056 billion in imports, and Germany with US$1.171 trillion, in keeping with the MOF.