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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