National Development Council (NDC) Minister Kung Ming-hsin has reported that trade between China and Taiwan has plunged during the past year. Kung said during an exclusive media interview on Friday that the volume of imports and exports between the countries dropped dramatically after March this year.
Kung says that according to data, Taiwan’s exports to China dropped by 25% after March, while China’s overall imports grew by 20% in January and 30% in February, but stagnated after that.
Kung points to a number of factors affecting trade, including the ongoing “tech cold war” between the United States and China and Beijing’s uncompromising “zero Covid” policy. He says China will continue to face economic risks due to supply chain issues and reduced access to certain technology.
Kung says Taiwan’s government is focusing on helping Taiwanese businesses move out of China and attracting foreign investors. He adds that Taiwan has a well-developed semiconductor industry and the country will continue consolidating its raw materials and boosting local businesses.