The latest statistics from Taiwan Bureau of Foreign Trade shows that since ASEAN Free Trade agreement with China came into effect last January, the 10 ASEAN members have achieved eye-catching performance in the Chinese market.
Their market share increased from 10.6 percent in 2009 to 11.1 percent in 2010, their export growth of eight man-made fiber products was also better than Taiwan.
While Taiwan's imports from and exports to the mainland hit record highs in the previous year, its market share in the mainland dropped from 8.5 percent in 2009 to 8.3 percent in 2010, showing that the complete integration of the ASEAN plus one (China) makes Taiwan face another rival – ASEAN in the Chinese market, in addition to the strong competition from South Korea.
According to 2010 cross-strait trade statistics announced by Taiwan Bureau of Foreign Trade, Taiwan's exports to the mainland reached US $114.75 billion, growing 37.1 percent year on year, Taiwan imports from the mainland amounted to US $37.58 billion, expanding 47.1 percent year on year, enjoying a surplus of up to US $77.17, an increase of 32.7 percent year on year, both hit record highs,
However, the Bureau of Foreign Trade estimates that growth rates of imports from and exports to China will slow down this year to 17.3 percent and 15.7 percent, respectively.
Taiwan Bureau of Foreign Trade analyzes that the China's largest source of imports still was Japan last year and its market share was 12.7 percent, down 0.3 percent from 2009. Taiwan's market share in the Chinese market stood at 8.3 percent, down 0.2 percent from 8.5 percent in 2009 and was the fifth largest source of China's imports.
However, after the FTA came in to effect the 10-member ASEAN has now become the third largest source of China's imports and its market share increased to 11.1 percent, 0.5 percent higher than in 2009.
Taiwan Bureau of Foreign Trade emphasized that export growth of eight man-made fibers products from ASEAN to the mainland was better than the growth rate of Taiwan; reflecting that Taiwan faces increased competitive pressure in the mainland market after the complete integration of ASEAN-China FTA.
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