Since November last year, trade with the 18 countries included in the government’s New Southbound Policy has greatly increased, recovering from a downturn caused by the COVID-19 pandemic, the Executive Yuan’s Office of Trade Negotiation said on Friday.
On a monthly basis, trade in November last year grew 12 percent from 1.8 percent in October, and then 15.5 percent in December, the office said.
Trade could grow even further if the region recovers from the pandemic this year, the office said, adding that it plans to expand projects in the region, including skills training, medical cooperation and start-up assistance.
The number of people from south and southeast Asia studying in Taiwan between 2016 and 2019 increased 84.8 percent, the office said, touting the policy’s success.
In the same period, the number of Taiwanese studying in those countries increased 34.9 percent, it added.
Also, over the period, sales of medical supplies to some countries in the region — mainly Vietnam, the Philippines, Malaysia, India, Thailand, Indonesia and Cambodia — increased 30 percent to US$374 million from US$290 million, it said.
Medical exports to those countries last year, following the start of the COVID-19 pandemic, increased 8.2 percent, it added.
Taiwanese businesses have also signed investment guarantee agreements with each of these countries to protect their rights, it said.
While ASEAN members have largely cut imports over the past two years — due to the effects of US-China trade tensions and the pandemic’s impact — Taiwan has seen steady growth in exports to key ASEAN members, the office said.
Last year, Taiwanese goods made up 6.6 percent of the total imports of the six main ASEAN members: Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Singapore, it said.
“The pandemic has affected production and consumer spending, particularly in places under lockdown, where we saw import demand drop,” it said.
However, growth in Taiwanese exports to the region over the past year showed that the New Southbound Policy was the right direction for the government to take, it said, adding that the policy could help Taiwanese businesses develop more localized supply chains, and better position themselves globally.
“Some US, Japanese and South Korean businesses have already moved part of their supply chains from China to Vietnam, Thailand and other countries in the region,” the office said.
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