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Taiwan's Export Status in April 2023: A Snapshot of International Trade

The Ministry of Economic Affairs recently released the April statistics on Taiwan's export orders. Let's take a closer look at the country's export performance across different regions. While orders from the United States, Mainland China and Hong Kong, and Europe continued to decline, Japan and ASEAN countries experienced growth thanks to digital transformation, demand for automotive chips, and investments in automotive panels.

In April, Taiwan's total export orders amounted to $42.49 billion, marking an 18.1% year-on-year decrease and extending the streak of eight consecutive months of decline. When analyzing exports by region, both Europe and the Americas showed declines primarily in the information and communication technology (ICT) and electronics sectors. Specifically, the United States saw its order amount decrease to $13.25 billion, ranking as the third lowest for the same month in recent years, with a 15.2% decrease compared to the previous year. This decline in the US market has persisted for six consecutive months. Among product categories, electronics saw the most significant decrease, totaling $1.07 billion, down 19.5% compared to the previous year, followed by basic metals with a decrease of $340 million, down 42.0%.

In Europe, the total order amount reached $6.93 billion, showing a 26.6% year-on-year decline, marking the third consecutive month of decline. Similar to the US market, the decline was most prominent in the electronics sector, with a decrease of $1.02 billion, down 45.1%, followed by a decrease of $890 million, down 22.2% in the ICT sector.

Order amount from Mainland China and Hong Kong combined reached $9.19 billion, representing a 24.2% year-on-year decrease and continuing the negative growth trend for 13 consecutive months. The decline in Mainland China is primarily attributed to the decrease in orders for electronics, panels, and machinery, as these intermediate goods were impacted by the overall economic environment. Notably, the electronics sector saw the largest decrease, with a reduction of $1.60 billion, down 26.0%, followed by a decrease of $380 million, down 44.8% in the plastic and rubber products sector.

Since the latter half of the previous year, Japan has seen a continuous demand for ICT products driven by digital transformation, automotive semiconductor requirements, and the replacement cycle for laptops. In April, Japan's order amount reached $2.60 billion, marking a 2.3% year-on-year increase. The largest increase was observed in the ICT sector, with an additional $190 million, up 42.5% compared to the previous year, while the electronics sector saw an order amount increase of $16 million, up 20.9%. However, traditional goods experienced decreases, with the chemical sector decreasing by $50 million, down 38.1%, and the machinery sector decreasing by $40 million, down 21.9%.

Notably, ASEAN countries showed a turnaround with an order amount of $6.44 billion, reflecting a slight increase of 0.1% compared to the previous year. The most significant growth was observed in the ICT sector, with an additional $740 million, up 67.6%.

Here is a summary of Taiwan's export status in April 2023:

RegionApril Export Amount (in billions of USD)Year-on-Year Growth
United States132.5-15.2%
Mainland China and Hong Kong91.9-24.2%
Europe69.3-26.6%
Japan26.0+2.3%
ASEAN64.4+0.1%

These insights provide a glimpse into Taiwan's export performance in April 2023, highlighting the challenges faced in the US and European markets while also emphasizing the opportunities presented by Japan and ASEAN countries.

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