Total trade with Germany last year surpassed US$20 billion for the first time, the German Trade Office Taipei said.
The figure rose to a record US$20.7 billion, up 27.5 percent from US$16.2 billion in 2020, the office said in a statement.
“German-Taiwanese trade relations developed overwhelmingly positively in 2021, defying the [COVID-19] pandemic,” office Executive Director Axel Limberg said in a statement.
Germany last year retained its position as Taiwan’s most important trade partner in Europe, Limberg said.
It is particularly gratifying that imports and exports between Germany and Taiwan rose significantly, indicating that bilateral economic relations are mutually beneficial, he said.
Taiwan’s exports to Germany were US$8.2 billion last year, up 35.4 percent year-on-year, while imports accounted for US$12.5 billion, up 22.8 percent from a year earlier, according to Ministry of Finance data cited by the German Trade Office.
Exports of machinery and electrical equipment totaled US$4.2 billion last year, accounting for about half of all exports, with electronic parts, and information, communication and audio-video products among the most popular items, the data showed.
Machinery and electrical equipment were the top imports from Germany, worth almost US$4.9 billion, with machinery accounting for the biggest share with about 46 percent, the office said.
While overall approved foreign direct investment in Taiwan fell by 18.2 percent last year, German investment increased by 67.3 percent year-on-year to US$252.6 million, the office said, citing Ministry of Economic Affairs data.
Limberg said that technologies from both sides perfectly complement each other, and further expansion in international cooperation would be crucial to shaping key technologies such as Industry 4.0, artificial intelligence and biotechnology.
The office said that it would host an economic outlook meeting with the Ministry of Economic Affairs and major German companies in Taiwan on Feb. 22, during which they would assess “the current state of the German economy in Taiwan” and discuss the future of the Taiwanese economy, as well as key industries.
TAKING STOCK: A Taiwanese cookware firm in Vietnam urged customers to assess inventory or place orders early so shipments can reach the US while tariffs are paused Taiwanese businesses in Vietnam are exploring alternatives after the White House imposed a 46 percent import duty on Vietnamese goods, following US President Donald Trump’s announcement of “reciprocal” tariffs on the US’ trading partners. Lo Shih-liang (羅世良), chairman of Brico Industry Co (裕茂工業), a Taiwanese company that manufactures cast iron cookware and stove components in Vietnam, said that more than 40 percent of his business was tied to the US market, describing the constant US policy shifts as an emotional roller coaster. “I work during the day and stay up all night watching the news. I’ve been following US news until 3am
UNCERTAINTY: Innolux activated a stringent supply chain management mechanism, as it did during the COVID-19 pandemic, to ensure optimal inventory levels for customers Flat-panel display makers AUO Corp (友達) and Innolux Corp (群創) yesterday said that about 12 to 20 percent of their display business is at risk of potential US tariffs and that they would relocate production or shipment destinations to mitigate the levies’ effects. US tariffs would have a direct impact of US$200 million on AUO’s revenue, company chairman Paul Peng (彭雙浪) told reporters on the sidelines of the Touch Taiwan trade show in Taipei yesterday. That would make up about 12 percent of the company’s overall revenue. To cope with the tariff uncertainty, AUO plans to allocate its production to manufacturing facilities in
Six years ago, LVMH’s billionaire CEO Bernard Arnault and US President Donald Trump cut the blue ribbon on a factory in rural Texas that would make designer handbags for Louis Vuitton, one of the world’s best-known luxury brands. However, since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees said. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, said three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff. The plant’s problems — which have not
COLLABORATION: Given Taiwan’s key position in global supply chains, the US firm is discussing strategies with local partners and clients to deal with global uncertainties Advanced Micro Devices Inc (AMD) yesterday said it is meeting with local ecosystem partners, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), to discuss strategies, including long-term manufacturing, to navigate uncertainties such as US tariffs, as Taiwan occupies an important position in global supply chains. AMD chief executive officer Lisa Su (蘇姿丰) told reporters that Taiwan is an important part of the chip designer’s ecosystem and she is discussing with partners and customers in Taiwan to forge strong collaborations on different areas during this critical period. AMD has just become the first artificial-intelligence (AI) server chip customer of TSMC to utilize its advanced
RSS