Value of goods imported to Taiwan 2023, by major origin

Mainland China remained Taiwan’s largest merchandise import partner in 2023, with an import value of approximately 70.2 billion U.S. dollars. Around 95.7 billion U.S. dollars worth of goods were exported from Taiwan to mainland China in the same year, leaving a trade surplus of around 25.5 billion U.S. dollars.

Trade between mainland China and Taiwan

Regardless of the ever-changing cross-strait relations, Taiwan’s economy largely relies on its trade with mainland China. Taiwan’s trade surplus with China has increased significantly in recent decades, making mainland China and Hong Kong its most crucial trade surplus sources. While imports from China were mostly raw materials, Taiwan’s main commodity exports to mainland China are machinery and electrical equipment such as integrated circuits.

New Southbound Policy

To limit its trade dependency on mainland China, the government of Taiwan has introduced a new trade initiative, which aims to strengthen the regional relations with ASEAN, South Asian countries, Australia, and New Zealand. By implementing the New Southbound Policy, Taiwan hopes to enhance diplomatic and economic collaboration and achieve a free exchange of resources and talent within the region. In 2022, the total export value from Taiwan to countries of the New Southbound Policy amounted to around 96.9 billion U.S. dollars.