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Electronics, machinery, chemicals, automotive, metals, minerals, agriculture and textiles are major industries of Taiwan.

In 2020, Electronics industry exports was valued at USD 214 billion for Taiwan. Machinery export accounted for USD 72.1 billion, chemicals for USD 37.4 billion, vehicles for USD 9.8 billion, metals for USD 23.9 billion, minerals for USD 6.82 billion, stones for USD 5.90 billion, textiles for USD 10.3 billion and agriculture for USD 7.38 billion in 2020.

Taiwan, officially the Republic of China, is an island of approximately 36,000 square kilometres, about the size of the Netherlands. It is situated southwest of Japan, north of the Philippines, and about 180 kilometres off the South-Eastern coast of mainland China. The ROC’s territory consists of Taiwan proper, as well as Kinmen, Matsu, Penghu and other minor islands. China has claimed sovereignty over Taiwan since the end of the Chinese civil war in 1949, when the defeated Nationalist government fled to the island as the Communists, under Mao Zedong, swept to power.

Taiwan is estimated to have population of 23.375 million in the year 2021 and expected to reach 23.32 million by 2027, decreasing at a CAGR of 0.04%.

Taiwan’s real gross domestic product (GDP) was TWD 19,858.58 billion in 2020 and while recovering from the COVID-19 impact it increased by 2.75% to be around TWD 21,106.10 billion in 2021. It is further expected to increase by 2.44% and reach TWD 24,384.15 billion by 2027.

Taiwan’s unemployment rate was 3.85% of total labor force in 2020. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment increased by 2.53% and reached 3.95% in 2021. Unemployment is further estimated to decrease by a CAGR of 1.53% and reach 3.6% of total labor force in Taiwan by 2027.

Taiwan’s per capita GDP was estimated at USD 33,775.17 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 62,526.79 for the year 2021.

In 2021, Taiwan government’s revenue was TWD 3,459.22 billion whereas the expenditure was TWD 3,719.97 billion. This resulted in Taiwan government’s net lending / borrowing negative at TWD 260.755 billion in 2021 indicating that not enough financial resources were made available by the Taiwan government to boost economic growth.

The current account balance for Taiwan was estimated to be positive at USD 116.123 billion for the year 2021 and is expected to further decrease at a CAGR of 3.62% and reach USD 93.072 billion by 2027. This positive current account balance indicates that Taiwan will remain a net lender to rest of the world till 2027.

Scope of Taiwan – PESTLE Analysis and Macroeconomic Trends Report

• This report provides information about key macroeconomic indicators for Taiwan.
• This report provides PESTLE (political, economic, social, technological, legal and environmental) analysis for Taiwan.
• This report provides information on Coronavirus (COVID-19) pandemic related policy response of Taiwan.