Chinese leader Xi Jinping and former Taiwan President Ma Ying-jeou just used a landmark meeting to underscore their view that the two sides of the strait are close as family. Trade data tell a different story.
The U.S. once again became the largest destination for Taiwan’s exports after decades of China sitting atop the list, data from the Finance Ministry in Taipei showed Wednesday.
The island’s shipments to the U.S. rose 65.7% year-on-year in March to $9.1 billion. Its exports to mainland China grew just 6% to $7.9 billion.
The shift highlights a realignment in global trade ties triggered by successive U.S. administrations working to reduce the world’s largest economy’s dependence on goods made in China.
China had been the No. 1 recipient of Taiwanese exports since mid-2003. Its fall to second place only accounts for direct shipments to mainland China. Combined exports to China and Hong Kong remain Taiwan’s largest overseas market, albeit with a rapidly shrinking margin to the U.S.
South Korea’s exports to the U.S. overtook those to China at the end of 2023.
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