By Samson Ellis and Miaojung Lin
April 10, 2024 at 8:37 PM PDT
(Bloomberg) -- Chinese leader Xi Jinping and former Taiwan President Ma Ying-jeou just used a landmark meeting to underscore their view that the two sides of the strait are close as family. Trade data tell a different story.
The US once again became the largest destination for Taiwan’s exports after decades of China sitting atop the list, data from the Finance Ministry in Taipei showed on Wednesday.
The island’s shipments to the US rose 65.7% year-on-year in March to $9.1 billion. Its exports to mainland China grew just 6% to $7.9 billion.
The shift highlights a realignment in global trade ties triggered by successive US administrations working to reduce the dependence the world’s largest economy has on goods made in China.
China had been the No. 1 recipient of Taiwanese exports since mid-2003. Its fall to second place only accounts for direct shipments to mainland China. Combined exports to China and Hong Kong remain Taiwan’s largest overseas market, albeit with a rapidly shrinking margin to the US.
The shift highlights a realignment in global trade ties triggered by successive US administrations working to reduce the dependence the world’s largest economy has on goods made in China. South Korea’s exports to the US overtook those to China at the end of 2023.
--With assistance from James Mayger.
https://www.bloomberg.com/news/articles ... xi-ma-meet