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GROWING TOGETHER • Taiwan and Los Angeles County
SECTION THREE
Trade Ties
Taiwan’s Entryway into the United States
U.S. - Taiwan Trade
Taiwan has transformed its economy into one of the world’s fastest growing over the past forty years primarily
through its openness to world trade. Beginning in the 1970s, the U.S. became the top export destination for
Taiwanese goods. By 1980, 42% of all Taiwanese exports were sent to the U.S. In the 1980s and 1990s
U.S.-Taiwan trade increased dramatically as Taiwan evolved into a computer industry powerhouse. Total trade
between the U.S. and Taiwan grew from less than $20 billion to over $50 billion during these years.
In 2014, Taiwan was the 10th largest U.S. trading partner, the
14th largest U.S. export market and the 12th largest source of
U.S. imports. The U.S. exported $26.8 billion of goods to Taiwan
in 2014, an increase of 5% from 2013. U.S. exports to Taiwan
have jumped by over 50% since 2003. The top U.S. exports to
Taiwan include computer and electronic products, machinery
and chemicals.
The U.S. imported $40.6 billion in Taiwanese goods in 2014.
U.S. imports from Taiwan were up by 7% in 2014 and up by
over 28% since 2003. The top imports from Taiwan were
computer and electronic products, fabricated metal products
and transportation equipment.
The rapid increase in U.S.-Taiwan trade over the past twelve
years is primarily because Taiwan entered the World Trade
Organization (WTO) in 2002. Entry led directly to a decline
in trade barriers between Taiwan and the U.S. Bilateral trade
relations between the U.S. and Taiwan have at times been
strained by certain disputes over particular industries such as
autos and agriculture. In addition, intellectual property rights
(IPRs) have been a cause for concern but tensions have
subsided in recent years.
Some of these issues along with general trade issues have led to
an increase in demand for legal services related to international
trade between the two nations (see the Business Ties – Law
Firms section below for further detail).
U.S.-Taiwan Bilateral Trade
• The U.S. is Taiwan’s second largest trading partner,
second leading export market and third largest
import source
Over the past thirty years, trade (goods only) between the two nations escalated from
approximately $20 billion to over $67 billion. U.S. exports to Taiwan have grown from
$4.7 billion to $26.8 billion in 2014. U.S. imports from Taiwan have risen from $16.4 billion
to 40.5 billion in 2014.
LOS ANGELES COUNTY ECONOMIC DEVELOPMENT CORPORATION 15