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New southbound policy powers taiwan 2017 exports

New southbound policy powers taiwan 2017 exports

TAIPEI: New Southbound Policy countries surged 13.4 percent year on year to US$67.4 billion in 2017, the best rate in six years and third highest total on record, according to the Ministry of Finance Jan. 19.
This strong result reflects the effectiveness of the policy in bolstering Taiwan’s trading ties with the 18 economies in the NSP region, the MOF said, adding that the numbers are expected to further improve as additional government promotional efforts come on line.
One of the key components of government’s national development strategy, the policy seeks to deepen Taiwan’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
A breakdown of MOF data reveals Taiwan’s exports to the 10 ASEAN member states increased 14.2 percent year on year to US$58.6 billion, or 86.9 percent of all shipments to NSP countries. This is followed by the six South Asian nations, 13.49 percent to US$5.23 billion; and Australia and New Zealand, 1.6 percent to US$3.57 billion. In terms of country growth, Malaysia led the way at 32.7 percent to US$10.37 billion followed by India, 17 percent to US$3.3 billion; Thailand, 16.6 percent to US$6.4 billion; Indonesia, 16.3 percent to US$3.19 billion; and Pakistan, 14.5 percent to US$520 million. The trade totals for Malaysia and Pakistan, both record highs, were attributed by the MOF to rising demand for Taiwan’s key export items in the areas of basic metals, chemicals, electronic components and parts, information and communication technology, and minerals.