Taiwanese product exports were less dependent on China in 2024, according to data from the Central Bank of Taiwan.

In that year, exports from Taiwan to mainland China (including Hong Kong) totaled $150.62 billion, a year-on-year drop of 1 percent.

Taiwanese product exports

Taiwan exports to the world mainly integrated electronic circuits, computers, parts for office machines and appliances, telephones, and petroleum oils (except crude oil).

To the whole world, external merchandise sales from Taiwan were $475.069 billion, up 9.9% over 2023.

Among the major export products, electronic parts and components contributed the most to the decline in Taiwan’s exports to mainland China, causing mainland China’s share of total exports to fall to 31.7%, the lowest level in 23 years, but it still ranks first among Taiwan’s trading partners. 

TSMC dominates the global semiconductor market with more than 50% share. This company produces state-of-the-art chips and counts Apple, Nvidia, AMD and Qualcomm among its customers.

Of the total exports of Taiwanese products to the world in 2024, this is the share of the main destination markets, in percentage terms:

• Mainland China (including Hong Kong): 31.7 percent.
• United States: 23.4 percent.
• ASEAN: 18.5 percent.
• Europe: 8.1 percent.
• Japan: 5.4 percent.
• Rest of the world: 12.8 percent.

Relationship with mainland China

Taiwan faces increasing diplomatic pressures as it seeks to maintain its global presence. The Asian island, which operates as an autonomous democracy under the name Republic of China, has been excluded from several international forums.

Meanwhile, the Beijing-based People’s Republic of China claims sovereignty over Taiwan. Although it has never exercised direct control over the island, it has promised to unify it with mainland China. It does not even rule out the use of force to achieve this.

For decades, mainland China has pursued a strategy to isolate Taiwan. It has pressured governments, multilateral organizations and businesses not to officially recognize the island.