Taiwan become the second largest source for ASEAN.

According to the Ministry of Finance Taiwan, the import market share of Taiwan in ASEAN reached 7.7% in the first quarter, positioning Taiwan as the second largest source.

Taiwan and ASEAN have reportedly developed a close division of labor in the electronics, information, and communication industries, leading to deepened trade relations. Data shows that Taiwan’s exports to ASEAN rose from US$53.9 billion in 2012 to US$76.3 billion in 2016, reflecting a significant cumulative increase of 41% over the past four years.

Compared to other major export markets, Taiwan’s exports to ASEAN were surpassed only by the US at 65%, standing at a similar level to Europe at 42%. Among the 10 ASEAN countries, the Statistics Office of the Ministry of Finance highlighted notable export growth to Malaysia, Singapore, and Thailand, with growth rates reaching as high as 61%, 64%, and 97% respectively over the past four years. In the first five months of this year, Taiwan’s exports to ASEAN amounted to US$35.3 billion, comprising 19.1% of the total exports of US$185.1 billion. This also marked record-high exports to Singapore, accounting for 7.2% of the total, as well as Malaysia at 4% and Thailand at 3%. These figures have set new records compared to the same period last year.