The first agreement under the U.S.-Taiwan Initiative on 21st Century Trade was signed on June 1, 2023.
U.S.-Taiwan Trade Facts
- In 2020, Taiwan GDP was an estimated $635.5 billion (current market exchange rates); real GDP was up by an estimated 0.0 percent; and the population was 24 million. (Source: IMF)
- U.S. goods and services trade with Taiwan totaled an estimated $105.9 billion in 2020. Exports were $39.1 billion; imports were $66.7 billion. The U.S. goods and services trade deficit with Taiwan was $27.6 billion in 2020.
- Taiwan is currently our 9th largest goods trading partner with $90.6 billion in total (two way) goods trade during 2020. Goods exports totaled $30.2 billion; goods imports totaled $60.4 billion. The U.S. goods trade deficit with Taiwan was $30.2 billion in 2020.
- Trade in services with Taiwan (exports and imports) totaled an estimated $15.2 billion in 2020. Services exports were $8.9 billion; services imports were $6.3 billion. The U.S. services trade surplus with Taiwan was $2.6 billion in 2020.
- According to the Department of Commerce, U.S. exports of goods and services to Taiwan supported an estimated 188,000 jobs in 2019 (latest data available) (133,000 supported by goods exports and 55,000 supported by services exports).
- Taiwan was the United States' 10th largest goods export market in 2020.
- U.S. goods exports to Taiwan in 2020 were $30.2 billion, down 3.2 percent ($986 million) from 2019 but up 16 percent from 2010. U.S. exports to Taiwan account for 2.1 percent of overall U.S. exports in 2020.
- The top export categories (2-digit HS) in 2020 were: machinery ($5.7 billion), electrical machinery ($5.2 billion), mineral fuels ($3.3 billion), optical and medical instruments ($2.3 billion), and aircraft ($2.1 billion).
- U.S. total exports of agricultural products to Taiwan totaled $3.3 billion in 2020, our 8th largest agricultural export market. Leading domestic export categories include: soybeans ($606 million), beef and beef products ($552 million), wheat ($309 million), poultry meat and products (excluding eggs) ($223 million), and fresh fruit ($196 million).
- U.S. exports of services to Taiwan were an estimated $8.9 billion in 2020, 15.6 percent ($1.6 billion) less than 2019, but 10 percent less than 2010 levels. Leading services exports from the U.S. to Taiwan were in the intellectual property (licenses for the use of research and development), transportation, and financial services sectors.
- Taiwan was the United States' 10th largest supplier of goods imports in 2020.
- U.S. goods imports from Taiwan totaled $60.4 billion in 2020, up 11.4 percent ($6.2 billion) from 2019, and up 69 percent from 2010. U.S. imports from Taiwan account for 2.6 percent of overall U.S. imports in 2020.
- The top import categories (2-digit HS) in 2020 were: electrical machinery ($19 billion), machinery ($18 billion), vehicles ($2.9 billion), iron and steel products ($2.6 billion), and plastics ($2.2 billion).
- U.S. total imports of agricultural products from Taiwan totaled $539 million in 2020. Leading categories include: baked goods, cereals, and pasta ($103 million), nursery products and cut flowers ($60 million), food preparations ($58 million), processed fruit and vegetables ($50 million), and non-alcoholic beverages (excluding juices) ($45 million).
- U.S. imports of services from Taiwan were an estimated $6.3 billion in 2020, 15.3 percent ($1.1 billion) less than 2019, but 10 percent greater than 2010 levels. Leading services imports from Taiwan to the U.S. were in the transportation, research and development, and professional and management services sectors.
- The U.S. goods trade deficit with Taiwan was $30.2 billion in 2020, a 31.2 percent increase ($7.2 billion) over 2019.
- The United States has a services trade surplus of an estimated $2.6 billion with Taiwan in 2020, down 16.2 percent from 2019.
- U.S. foreign direct investment (FDI) in Taiwan (stock) was $31.5 billion in 2020, a 8.8 percent increase from 2019. Reported U.S. direct investment in Taiwan is led by manufacturing, finance and insurance, and wholesale trade.
- Taiwan's FDI in the United States (stock) was $13.7 billion in 2020, up 13.6 percent from 2019. Taiwan's direct investment in the U.S. is led by manufacturing, wholesale trade, and depository institutions.
- Sales of services in Taiwan by majority U.S.-owned affiliates were $7.8 billion in 2018 (latest data available), while sales of services in the United States by majority Taiwan-owned firms were $9.5 billion.