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Taiwan’s Exports to the EU in 2015 and EU’s Economic Prospects
 
 
Taiwan Trade Center, Bucharest
2016-07-13
         
 

 

 

        According to the Customs Administration, Ministry of Finance, in 2015 Taiwan’s exports to the EU stood at US$24.12 billion. The European trading bloc accounted for more than 90% of Taiwan’s exports to Europe and 8.5% of its total. Taiwan’s exports to the EU registered a decline of 10.3%, slightly better than those to the overall European market (10.9%) and to the world (10.9%), respectively. In 2014 and 2015, although Taiwan’s export performance in the EU was superior to that in the globe, over the past decade, the EU had experienced a downward slide in Taiwan’s total exports, from the record high 11.0% in 2006 to 8.5% in 2015.

 

 

        In 2015, Taiwan’s top five EU export partners were, in descending order, Germany, the Netherlands, the UK, Italy and France, which registered 70% of Taiwan total exports to the EU. Nevertheless, the exports to these five countries experienced an across-the-board decline, in particular the Netherlands, France and Italy, whose markets declined by more than 10%. Looking on the bright side however, with the import growth of integrated circuits, Taiwan’s top exporting item to the EU, the market shares Taiwan held in EU’s import market in 2015 rose slightly year on year.

 

 

        In 2015, the decline of Taiwan’s exports to the EU resulted from the decrease of iron and steel, Taiwan’s major exporting item to the trading bloc. The decrease was due to a downward slide in EU’s demand and largely to the anti-dumping duty the EU imposed on Taiwan’s iron and steel, for instance, stainless steel cold-rolled flat products (SSCR). Other merchandise exports such as automatic data processing machines and their parts and accessories as well as smartphones also declined on account of strong competition from Vietnam and Hong Kong. However, Taiwan’s exports of electrical equipment and its components as well as traffic apparatus and its parts were on the rise in the face of fierce market conditions.

 

 

        With the improvement to its employment, the euro depreciation that works to the advantage of EU’s exports and falling international oil prices, the outlook of EU’s economic prospects continues to see an upward trend. Nonetheless, controversies as deflation risks, Brexit, terrorist attacks and refugee problems are impeding EU’s economic development. Currently, the ECB is implementing a relaxed monetary policy, the outcome of which is worthy of further observation.

 

Ms. Wei-Chi Lin ( vickylin@taitra.org.tw)

 
 
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