That dollar amount results from a 25.4% advance compared to $285.9 billion during 2019, but a -18% year-over-year reduction from $437.3 billion in 2022.
Main Countries Importing Products from Taiwan
The latest available country-specific data shows that 73.8% of products imported from Taiwan were supplied by exporters in: mainland China (19.6% of the Taiwanese total), Japan (12.4%), United States of America (11.4%), South Korea (7.9%), Australia (4.9%), Germany (3.9%), Malaysia (2.7%), Singapore (2.65%), Saudi Arabia (2.5%), Netherlands (2.08%), Indonesia (2.06%) and Vietnam (1.7%).
Applying a continental lens, almost two-thirds (65.9%) of Taiwan’s total imports by value in 2023 were purchased from fellow Asian countries. Trade partners in Europe fulfilled 13.3% of import purchases by Taiwan, while another 12.7% worth of products originated from North America.
Smaller percentages came from providers in Oceania (5.6%) led by Australia and New Zealand, Latin America (1.8%) excluding Mexico but including the Caribbean, and Africa (0.8%).
Given Taiwan’s population of 23.6 million people, its total $358.5 billion in 2023 imports translates to roughly $15,200 in yearly product demand from every person in the East Asia island province of China. That dollar metric lags the average $18,800 per capita for 2022.
Taiwan’s Top 10 Imports
The following product groups represent the highest dollar value in Taiwan’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Taiwan.
- Electrical machinery, equipment: US$107.3 billion (29.9% of total imports)
- Mineral fuels including oil: $56.9 billion (15.9%)
- Machinery including computers: $55.4 billion (15.4%)
- Optical, technical, medical apparatus: $15.7 billion (4.4%)
- Vehicles: $11.9 billion (3.3%)
- Iron, steel: $9.3 billion (2.6%)
- Organic chemicals: $7.7 billion (2.1%)
- Plastics, plastic articles: $7.3 billion (2%)
- Other chemical goods: $6.4 billion (1.8%)
- Pharmaceuticals: $5.8 billion (1.6%)
Taiwan’s top 10 imports generated nearly four-fifths (79.1%) of the overall value of Taiwanese product purchases from other countries.
The lone gainer among Taiwan’s top import categories from 2022 to 2023 was the vehicles product category via a 9.8% upturn.
The severest decliners for Taiwan’s top imported product groups were mineral fuels including oil (down -27.4% from 2022), organic chemicals (down -21.6%), pharmaceuticals (down -21.1%), then miscellaneous chemical goods (down -20.4%).
Please note that the product category results listed above are at the 2-digit Harmonized Tariff System code level.
At the more detailed 4-digit HTS code level, Taiwan spent the most on electronic integrated circuits and microassemblies, machinery for making semi-conductors, crude oil, petroleum gases, then coal including solid fuels made from coal. That quintet of major imports represents 41.5% of all spending on Taiwanese imported products.
Information presented in the following sections is also at the more granular 4-digit level.
Main Electrical Products Imported by Taiwan
Taiwanese importers spent the most on the following 10 subcategories of electrical equipment including consumer electronics.
- Integrated circuits/microassemblies: US$73.1 billion (down -16.6% from 2022)
- Phone devices including smartphones: $7.1 billion (down -6.2%)
- Printed circuits: $3.6 billion (down -14.8%)
- Electrical converters/power units: $2.8 billion (down -5.6%)
- Solar power diodes/semi-conductors: $2.8 billion (down -26.6%)
- Unrecorded sound media: $2 billion (down -23.3%)
- Lower-voltage switches, fuses: $1.9 billion (down -17.3%)
- Electrical capacitators: $1.6 billion (down -21.9%)
- Electric storage batteries: $1.5 billion (up 8.3%)
- Insulated wire/cable: $1.3 billion (down -14.7%)
Among these import subcategories, Taiwanese purchases of electric storage batteries (up 8.3%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Taiwanese businesses and consumers.
Main Mineral Fuels Related Products Imported by Taiwan
Taiwanese importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$25.1 billion (down -19.5% from 2022)
- Petroleum gases: $13.4 billion (down -35.3%)
- Coal, solid fuels made from coal: $11.8 billion (down -28%)
- Processed petroleum oils: $6.2 billion (down -35.1%)
- Coal tar oils (high temperature distillation): $331.3 million (down -19.9%)
- Coke, semi-coke: $52.4 million (down -50.6%)
- Petroleum oil residues: $47.8 million (down -44.7%)
- Petroleum jelly, mineral waxes: $30 million (down -29.3%)
- Peat: $1.7 million (down -50.4%)
- Tar pitch, coke: $1.6 million (down -36.9%)
Among these import subcategories, Taiwanese purchases of crude oil (down -19.5%), high temperature distilled coal tar oils (down -19.9%), then coal including solid fuels made from coal (down -28%) shrank at the slowest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuels-related products among Taiwanese businesses and consumers.
Main Machinery Products Including Computers Imported by Taiwan
Taiwanese importers spent the most on the following 10 subcategories of machines including computers.
- Machinery for making semi-conductors: US$25.3 billion (down -33.5% from 2022)
- Computers, optical readers: $6.9 billion (up 22.5%)
- Computer parts, accessories: $4.8 billion (down -46.4%)
- Turbo-jets: $3.5 billion (up 30.1%)
- Miscellaneous machinery: $1.4 billion (down -5.9%)
- Centrifuges, filters and purifiers: $1.4 billion (down -17.3%)
- Taps, valves, similar appliances: $1.3 billion (down -13.5%)
- Air or vacuum pumps: $1.2 billion (down -16.2%)
- Air conditioners: $607.3 million (down -15.5%)
- Temperature-change machines: $542.8 million (down -14.3%)
Among these import subcategories, Taiwanese purchases of turbo-jets (up 30.1%) and computers including optical readers (up 22.5%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Taiwanese businesses and consumers.
Main Medical or Technical Products Imported by Taiwan
Taiwanese importers spent the most on the following 10 subcategories of optical, technical and medical equipment.
- Other measuring/testing machines: US$5 billion (down -21.9% from 2022)
- Oscilloscopes, spectrum analyzers: $3.5 billion (down -27%)
- Electro-medical equipment (e.g. xrays): $1.4 billion (up 8.3%)
- Physical/chemical analysis tools: $925.4 million (down -11.3%)
- Optical fiber cables, sheets, plates: $867.1 million (up 5.4%)
- Liquid crystal/laser/optical tools: $732.7 million (down -36.6%)
- Lenses, prisms, mirrors: $580.6 million (up 2.5%)
- X-ray equipment: $540.9 million (down -13%)
- Orthopedic appliances: $479 million (up 6%)
- Liquid/gas checking instruments: $362.2 million (down -7.6%)
Among these import subcategories, Taiwanese purchases of electro-medical equipment including xrays (up 8.3%), orthopedic appliances (up 6%), then optical fiber cables, sheets and plates (up 5.4%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported optical, technical and medical equipment among Taiwanese businesses and consumers.
See also Taiwan’s Top Trading Partners, Taiwan’s Top 10 Exports and Top Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 17, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 17, 2024
International Trade Centre, Trade Map. Accessed on April 17, 2024
Wikipedia, List of Companies of Taiwan. Accessed on April 17, 2024
Zepol’s company summary highlights by country. Accessed on April 17, 2024