Taiwan exports to India keep rising as rest of world orders less
- Relatively unscathed by the US-China trade war, India imported nearly 18 per cent more from Taiwan in 2022, year on year
- But Taiwan’s global export orders saw a year-on-year decline of 18.3 per cent last month, valued at US$42.12 billion
India, a growing economy with its own chip sector, has increased imports from global tech hardware centre Taiwan as other parts of the world order less amid slowing consumer demand for electronics.
The world’s second-most-populous nation imported US$5.32 billion worth of goods from Taiwan in 2022, up from US$4.52 billion in 2021 and US$2.6 billion in 2020, according to Taiwan’s Ministry of Economic Affairs.
In a mid-March social media statement, the ministry also said that the value of imports topped US$1 billion in the first two months of this year, up from US$718.4 million a year prior.
India’s population of nearly 1.4 billion, and not being part of US-China trade disputes, have fuelled its drive for imports, the ministry said.
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Taiwanese manufacturers have also opened plants in India as the US-China trade war made it costlier to send goods from mainland sites to the US. And the mainland’s strict Covid-19 controls slowed factory production and shipping for nearly three years before being lifted in late 2022.