Taiwan known for its modern city and traditional cultures offers abundance opportunities for Malaysian businesses to explore and venture into potential areas such as E&E, ICT, Machinery, Equipment & Parts, Automotive parts, Medical Tourism, Halal products & services including Food & Beverages.
Trade Brief Malaysia - Taiwan
- Malaysia's Trade with Taiwan registered a double-digit growth of 22.1% to reach RM96.09billion (USD23.75 billion) in 2018. Exports expanded by 35.7% to RM32.53 billion (USD8.04 billion), rebounding sharply from two consecutive years of negative growth. This was on account of higher exports of manufactured and mining goods, particularly, E&E Products and Petroleum Products, which increased by 44.6% and 6.0%, respectively. These two product sectors alone contributed 50.6% to Malaysia’s total exports to Taiwan. Other products that registered increases were Optical & Scientific Equipment and Iron & Steel products. Imports from Taiwan increased by 16.1% to RM63.56 billion (USD15.73 billion) in 2018. Major imports were E&E products, Chemicals & Chemical products as well as Iron & Steel products.
In 2018, Taiwan was Malaysia's:
- 6th largest trading partner (after China, Singapore and the US, accounting for 5.1% of Malaysia’s total global trade in 2018);
- 11th largest export destination; and
- 4th largest source of imports.
Meanwhile, Malaysia was Taiwan's:
- 7th largest trading partner (after China, United State and Japan, accounting for 3.30% of Taiwan’s total global trade in 2018);
- 7th largest export destination; and
- 7th largest source of imports.
For the period January-December 2018:
Total trade between Malaysia and Taiwan increased by 22.1% (in Ringgit terms) to RM96.09billion (USD23.78 billion) compared to the corresponding period of 2017. Exports increased by 35.7% to RM32.53 billion (USD8.04billion) and imports increased by 16.1% to RM63.56 billion (USD14.50 billion) respectively.
On April 23, 2018 MATRADE signed a Memorandum of Understanding (MOU) with Taiwan External Trade Development Council (TAITRA) specifically to enhance bilateral trade cooperation and trade promotion in the fields of Halal, Food & Beverage, ICT and e-Commerce.
In the spirit of collaboration between MATRADE and TAITRA, we encourage Malaysian companies to participate in the Taiwan-Malaysia Business Matching Website.
Register your business interest on this platform to promote your products or services to Taiwanese counterparts. Getting an online newsletter featuring trends in the Taiwan market and a listing of events being held in Taiwan are some of the benefits of registering.