UK – TAIWAN TRADE & INVESTMENT: ANNUAL REPORT 2018
With GDP of US$589.4bn (£465bn), Taiwan is now the world’s 21st largest economy, up from 22nd last year.1 UK-Taiwan trade rose 16.4% to £6.6bn in 2018. UK exports to Taiwan grew by 40.8% from £1.96bn to £2.76bn, making Taiwan the UK’s 32nd largest trading partner globally and the 7th largest in Asia Pacific.2 For Taiwan, the UK was its 3rd largest trading partner in Europe after Germany and the Netherlands.
The 40.8% (£800m) increase in UK exports meant that the UK’s trade deficit with Taiwan fell to £1bn from £1.7bn in 2018. Service exports, such as computer services, intellectual property, and technical, trade-related and other business services, were the main driver of export growth, increasing 75% (£600m).
Highlights of UK-Taiwan trade relations included the introduction of British pork products to Taiwan (an estimated worth of £50m over the next five years), and increasing commercial opportunities in offshore wind, Fintech and technology sectors.
In 2018, the UK was the 2nd most popular destination for Taiwanese investors in Europe, attracting £52.9m of investment. Going the other way, the UK’s annual investment in Taiwan was valued at £468m, making the UK the 5th largest investor globally in Taiwan.
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