Top 10 Taiwan Imports in 2023 - Tendata

tendata blogTrade Data

ten data blog18-04-2024

Taiwan imported products worth $358.5 billion in 2023. Compared to $437.3 billion in 2022, Taiwan's imports decreased by -18% year-on-year.

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Partners in Taiwan's Import Trade

Latest country-specific data shows that 73.8% of products imported into Taiwan are supplied by exporters from the following countries/regions: Mainland China (19.6%), Japan (12.4%), the United States (11.4%), South Korea (7.9%), Australia (4.9%), Germany (3.9%), Malaysia (2.7%), Singapore (2.65%), Saudi Arabia (2.5%), the Netherlands (2.08%), Indonesia (2.06%), and Vietnam (1.7%).

From the perspective of Mainland China, nearly two-thirds (65.9%) of Taiwan's total imports in 2023 were purchased from other Asian countries. European trading partners accounted for 13.3% of Taiwan's import purchases, while an additional 12.7% of products came from North America. Smaller proportions originated from Oceania, led by Australia and New Zealand (5.6%), Latin America (1.8%), and Africa (0.8%).

Top 10 Import Categories in Taiwan

Based on two-digit Harmonized Tariff System (HTS) codes, according to the latest country-specific data, Taiwan's top 10 imported products accounted for nearly four-fifths (79.1%) of the total value of products purchased from other countries:

1. Electrical machinery and equipment: $107.3 billion (29.9% of total imports)

2. Mineral fuels, including petroleum: $56.9 billion (15.9%)

3. Machinery, including computers: $55.4 billion (15.4%)

4. Optical, technical, medical apparatus: $15.7 billion (4.4%)

5. Vehicles: $11.9 billion (3.3%)

6. Iron and steel: $9.3 billion (2.6%)

7. Organic chemicals: $7.7 billion (2.1%)

8. Plastics and plastic products: $7.3 billion (2%)

9. Other chemicals: $6.4 billion (1.8%)

10. Pharmaceuticals: $5.8 billion (1.6%)

The only category among Taiwan's major import categories to grow from 2022 to 2023 was vehicles, which increased by 9.8%.

The most significant declines in Taiwan's major import categories were seen in mineral fuels, including petroleum (down -27.4% from 2022), organic chemicals (down -21.6%), pharmaceuticals (down -21.1%), followed by miscellaneous chemical products (down -20.4%).

At a more detailed four-digit HTS code level, Taiwan spent the most on integrated circuits and microcomponents, machinery for manufacturing semiconductors, crude oil, natural gas, and then coal, including solid fuels made from coal. These five main imported products accounted for 41.5% of Taiwan's total import expenditure.

Customs data contains a vast amount of information, and extracting relevant customer contact information can be time-consuming, with results not always meeting expectations. Is it truly the case, or is it because customs data is being used incorrectly, resulting in wasted effort and time?

Utilizing customs data for customer development can be achieved by precisely characterizing all buyers and their procurement systems in the target market. This allows for the quick identification of the most compatible customers, discerning their credit systems and procurement information, determining high-quality customers and profit margins, enhancing development efficiency, and improving overall effectiveness.

In customs data, one can observe the suppliers of buyers. Some of these suppliers are trade companies and also potential customers. In-depth analysis can be conducted on these trade companies, and key customers can be selected for focused development. Information such as buyer contacts, trade partners, procurement cycles, and purchase volumes can be obtained. While customs data may lack contact information due to being derived from bill of lading information, Tendata iTrader provides not only customs data but also business and internet data. This allows for the direct extraction of contact information and positions based on buyer names, making customer development through customs data seamless. (>>> Click To Get Free Access To Customs Data From 80+ Countries)

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These three approaches for customer development using customs data can be implemented based on the actual needs of the company. Considering market conditions, industry characteristics, strategic requirements, etc., find a method that suits your preferences. The ultimate goal is to establish and organize a categorized archive of high-quality customers. Once suitable customers are identified, the next step is to make precise contact through various channels such as phone calls, email communication, online chat, etc.

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