Taiwan Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in taiwan, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Overall

With a population of 23.4 million, Taiwan is a thriving democracy with a vibrant market economy. In 2024, Taiwan’s GDP grew by 3.7 percent. The unemployment rate was also 3.7 percent, while the labor participation rate was 59.30 percent. As of December 2024, Taiwan was the world’s fourth-largest holder of foreign exchange reserves, with holdings of $ 576.67 billion.

U.S.-Taiwan Trade

The United States and Taiwan have a long-standing and robust trade relationship. In 2024, U.S. exports of goods and services to Taiwan were $42.3 billion, up 6 percent from 2023, and imports from Taiwan were $116.3 billion, up 32.5 percent from 2023. As a result, the U.S. trade deficit with Taiwan increased to $47.5 billion. In 2024, exports to Taiwan accounted for 2.1 percent of total U.S. exports, and imports from Taiwan accounted for 3.9 percent of total U.S. imports.

The United States is Taiwan’s second largest trading partner, accounting for 18.2 percent of total trade and 11.8 percent of Taiwan imports. China (including Hong Kong) is Taiwan’s largest trading partner, accounting for 31.7 percent of total trade and 20.4 percent of Taiwan’s imports in 2024. In terms of total trade, other major Taiwan trading partners include Japan (8.3 percent), Hong Kong (6.3 percent), and the Republic of Korea (5.1 percent).

U.S. Goods Trade

In 2024, Taiwan was the United States’ seventh-largest goods trading partner, outranking important markets such as India, with $136.3 billion in two-way goods trade.

Taiwan was the United States’ 12th-largest goods export market at $42.3 billion of goods exported in 2024, an increase of 5 percent over 2023. U.S. goods exports to Taiwan accounted for 2.1 percent of U.S. total goods exports. Taiwan was the United States’ eighth-largest agricultural export market in 2024, with exports totaling $3.8 billion, a 2 percent increase over 2023 ($3.7 billion). Top U.S. agricultural exports included soybeans ($601.4 million), beef and beef products ($709.2 million), corn ($383.8 million), wheat ($325.0 million), and fresh fruit ($262.1 million).

U.S. Services Trade

In 2024, U.S. two-way trade in services with Taiwan reached $26.5 billion. U.S. exports of services to Taiwan amounted to roughly $13.4 billion, a 10.3 percent increase over 2023. Top U.S. services exports included intellectual property (industrial processes), transport, and financial services.

In terms of international travel, 398,800 Taiwan travelers visited the United States in 2024. Taiwan was the fifth-largest source of foreign students pursuing higher education in the United States in 2024, as 23,157 students from Taiwan studied at U.S. institutions of higher education, a 6.1 percent increase from 2023.

U.S. imports of services from Taiwan totaled approximately $13.2 billion in 2024, an 8.1 percent decrease from 2023.

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

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