Situated off the coast of mainland China, this tiny island
formerly known as Formosa (which means "beautiful island") has endured quite a
history in terms of economic growth. Once an acquisition of Japan, Taiwan is
property of the Republic of China yet enjoys a booming and influential
capitalist economy that had grown annually since its post-World War II
transformation into one of the four "Asian Tigers" of global trade. If you own
a laptop computer, a smartphone, or a high-end racing bicycle, chances are high
that you own a Taiwanese export.
Taiwanese Trade Continues to Rise
According to the Bureau of Foreign Trade, Taiwan's total
trade value in April, 2010 rose fifty percent from last year's amount, to $41
billion. Presently it ranks twenty-eighth among 125 countries in the 2010
Global Enabling Trade Report, still an impressive number given the area's shift
from dependence on trade with the United State to diversifying connections with
Europe. As the world's largest supplier of computer chip, computer memory, and
LCD panel manufacturing services, Taiwan enjoys an important role in new
innovations in technology. Top exports to the United States from the area
include:
Semiconductors:
Where the US has Silicone Valley, Taiwan is literally a silicone island as a
major provider of these important devices
Televisions: As
more people trade up to plasma and flatscreen TVs, you'll find Taiwan is a
leader in providing the latest models.
Automotive Parts:
While Germany and Japan lead exports of new models, you'll find the parts that
make run originate here.
Advanced Manufactured
Iron and Steel: A top provider of durable construction materials, this
island trades quality raw resources.
Blank Media: Yes,
there is still a need for blank audio and videotape, and recordable CD-ROM
discs. Taiwan meets the demand.
As a progressively advanced territory, the economic growth
leaves no room for natural resources. Agriculture comprises a low three percent
of Taiwan's overall economy, and as a result the area imports a high volume of
vegetables and foodstuffs and natural fuels like coal. Plastic materials for
manufacturing, civilian aircraft for improved travel, and organic chemicals
round out the island's most imported goods.
Forecasts for Taiwan through the remainder of year,
according to economic experts, predict continued growth as trade with Europe
and the US strengthens. The health of the electronics industry in particular
will play a role in the area's future, yet as demand for new technologies
remain it is likely Taiwan will emerge in Asia as a powerful force in the
export market.
Photo by G. Williams