Taiwan's Trade Surplus to Mainland Tops US$ 20 Billion

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Last updated at: (Beijing Time) Tuesday, December 31, 2002

Taiwan's Trade Surplus to Mainland Tops US$ 20 Billion

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The "Board of Foreign Trade under the Ministry of Economic Affairs" (China) Taiwan released lately that, the trade surplus of Taiwan to the Chinese mainland scored a record high in the last 10 months, topping US$ 20bn for the first time. And it is estimated to exceed US$ 24bn at the finish.

According to statistics by the Taiwan side, the surplus of Taiwan in trading with the mainland hit over US$ 10bn in 1993, and rose to US$ 19.9bn in 2000. After a slight decline to US$ 18.1bn in 2001, it soared to US$ 20.3bn during the first 10 months in 2002.

Following the WTO membership of the two sides, the trade volume between showed a rapid increase, especially the export from Taiwan to the mainland. The export volume in a single month even reached US$ 3bn last September and October respectively, as quoted department in charge of the Taiwan economy saying. From last January to October the export to the mainland was worth US$ 26.7bn, accounting for 24.9 percent of the total. Such a figure marked the mainland the biggest exporting market, while the United States and Japan ranked the 2nd and 3rd respectively.

Liquid-crystal equipments, indicator panels, integrated circuits etc enjoyed a highest growth of exporting, while exports of related computer appliances, radiophone appliances and stainless flat rolling steel also increased markedly.

Statistics suggest that the import volume of Taiwan from the mainland totaled US$ 6.37bn in the first 10 months this year, up 31 percent over the same period last year, while computer appliances were the largest imports, followed by soft coal and electrostatic converters.

By analysis of a Taiwan scholar, the economic growth rate of Taiwan in 2001 stood at minus 2 percent, or minus 4 percent if counted by the island's domestic demand. But for the favorable balance of trade to the mainland, Taiwan's economy would be even worse. Thereby, Taiwan's economic growth is almost entirely backed by the mainland.

By PD Online Staff Zhu Lizhen

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