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Australian Trade with Taiwan
Australian Trade with Taiwan According to data provided by Australia's Department of Foreign Affairs and Trade (DFAT), in Financial Year 2003-04, Taiwan was Australia's 10th largest trading partner, with two-way merchandise trade totaling more than 7.6 billion Australian dollars. Taiwan was also Australia's 8th largest export destination in that financial year, as Australia's merchandise exports to Taiwan amounted to more than 4 billion Australian dollars. In Financial Year 2003-04, the major Australian exports to Taiwan were:
Meanwhile, in Financial Year 2003-04, Taiwan was Australia's 14th largest import destination, with Australia's merchandise imports from Taiwan totaling approximately 3.6 billion Australian dollars. The major Australian imports from Taiwan were:
Most significantly, regarding Australia's trade in services with Taiwan: In Financial Year 2003-04, Australia's exports of services to Taiwan totaled 431 million Australian dollars, while Australia's imports of services from Taiwan totaled 206 million Australian dollars. In general, Australia's exports of merchandise and services to Taiwan always exceed imports of those from Taiwan. In Financial Year 2003-04, for example, Australia's merchandise trade surplus with Taiwan was almost 500 million Australian dollars, while Australia's services trade surplus with Taiwan was approximately 225 million Australian dollars. See the two figures below: Figure 1: Australia's Trade with Taiwan
Figure 2: Australia's Exports to Taiwan
Taiwan's Economic and Financial Climate The following analysis is provided by Austrade: "Taiwan's economy is heavily dependent on trade, which in 2003 accounted for 32 percent of its GDP of US$295 billion or US$13,157 per capita." "Over the past five years, Taiwan's economy has evolved from an agricultural base through a manufacturing dominated economy to the present, predominantly services-based economy. Australia's prominence in supplying resources and primary products to power this transformation has highlighted the strong degree of complementarity between the two economies." In the past decade or so, services have been providing one third of Taiwan's GDP and offering jobs for up to 55 percent of the island's workforce. The majority of people in Taiwan's services sector work in wholesale and retail trade, restaurants and hotels. Other significant employers include social, personal and community-related services, finance, insurance and real estate. So far, small and medium sized family-controlled businesses still dominate Taiwan's business sector. Austrade's analysis concludes: "The current and future growth of Taiwan's export industry will be led by the electronics, information and communication industry. Over 30 percent of exports consist of ICT related products. As the global demand for such products continues to increase, Taiwan's industry is well positioned to capitalize on that growth." Taiwan's Trade Statistics According to data provided by Taiwan's Bureau of Foreign Trade, in Financial Year 2003-04, Taiwan's Top 15 export destinations were:
Meanwhile, in Financial Year 2003-04, Taiwan's Top 15 import destinations were:
Exporting Online The following advice is given by Austrade: "Taiwan's well-developed infrastructure and its world-class technology sector, combined with an export-driven economy, make it an ideal location for the development of e-business. Total revenues from e-business are expected to jump from US$1.4 billion in 1999 to US$46.6 billion in 2004." "Taiwan has a highly developed B2B system for its ICT sector and major Taiwanese conglomerates such as China Steel have now well developed e-purchasing platforms." "TAITRA (Taiwan External Trade Development Council) late last year [2004] established a Biz-exchange platform to link more than 20,000 Taiwanese exporters globally." Taiwan's E-business infrastructure The following information is provided by Austrade:
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