Taiwan is relying on the Chinese market too heavily, and it would be wise for Taiwanese businessmen to diversify into other markets, an official of the Council for Economic Planning and Development (CEPD) said yesterday.
Taiwanese exports to China in the first eight months of this year totaled US$21.97 billion, accounting for 24.2 percent of the total value of exports from Taiwan during the period, according to statistics compiled by the Board of Foreign Trade.
Globally, only Hong Kong and Singapore rely on the Chinese market more heavily than Taiwan, said Chiu Hsiou-ching (
It is risky to rely on the Chinese market so heavily, because China lacks a rule of law and its import trade has increased too fast as a result of joining the World Trade Organization, Chiu said.
For example, Chinese imports from South Korea and Japan jumped 47.7 percent and 42.9 percent respectively in the first eight months of this year over the same period of last year. Imports from the US and Taiwan also increased more than 20 percent and 19 percent respectively during the same period.
Chiu said it would be wise for Taiwanese traders to diversify into other markets, such as those in Southeast Asia.
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