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Taiwan's economic growth surges over Japan and South Korea

Taipei - In the last nine months of this year, Taiwan has neighboring countries Japan and South Korea in terms of its economic growth. Thanks to the relatively strong number of exports and investments by Taiwanese companies repatriating from Taiwan.

In a report released last Oct. 28, the Ministry of Economic Affairs MOEA estimates that Taiwan's economy has grown by 2.4% from January to September this year, compared with South Korea at 2.1% and Japan's 1.2%. Exporting is one of the factors contributing to the growth of Taiwan's economy. It rose 2.8% in the medium term, 1.5% for Sout Korea and 1.7 for Japan.

In 2018 Taiwan's export dependence was 56.6% higher compared to South Korea and Japan. Taiwan is in the top five in exports from January to September, the report said. It accounts for 69% of total exports while its top-notch partners account for 86.5% of total exports.

Year-on-year in the first nine months, Taiwan's exports fell 2.5%, South Korea's 9.8% and Japan's 4.8. The decline in the demand for the three countries is due to the weakening of the global economy and declining prices of raw materials.

The report also said that Taiwan suffered fewer declines than its counterparts as fewer exports to China and Hong Kong decreased slightly. And exports to the United States have increased significantly. Taiwan's exports to China decreased by 6.7%.

Taiwan's exports with the U.S. increased by 17.7%, with Japan and South Korea rising 3.6% and 4.2% respectively. Taiwan's collapse in China saw a 3.9% increase in exports of information technology, auto visual products, and network communications.

Overall, the report cites the return of businesses to Taiwan and the accompanying increase in investment, exports, manufacturing, and employment as a means to boost Taiwan's economy.


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