Taiwan`s exports to several emerging markets have clearly grown this year,and prospects look even brighter,according to Chao Yuen-chuan,President and CEO of Taiwan External Trade Development Council(TAITRA),the semi-official trade promoter.
These markets include Indonesia,Myanmar,and the Philippines,Libya etc.,in which new governments are reforming and accelerating economic development,as well as Russia(which became a World Trade Organization,or WTO member this year),Brazil,Iraq etc.
In the first 10 months,Taiwan`s exports declined 3.7%year-on-year(YoY),but saw a 5.2%YoY increase in exports to emerging markets(excluding China).Exports to emerging markets during the period also rose to account for 28%of the island`s overall exports,compared to 25.7%in the same period of 2011,with exports to the Association of Southeast Asian Nations(ASEAN)and the Middle East also up 9.8%and 4%YoY increase,respectively.
Taiwan`s exports to Saudi Arabia,the largest export market for Taiwan in the Middle East,enjoyed a 10.7%YoY increase in the first 10 months;while that to Libya totaled US$48.6 million,up about five times from US$1.3 billion.
Chao explained that OPEC nations account for 25%of the global crude-oil supply and have strong consumption power,hence are not only the economic locomotive in the Middle East,but also target markets of TAITRA.
To create more business opportunities for Taiwanese companies in the Middle East,TAITRA set up a new branch office in Kuwait in October,and plans another branch office in Myanmar.
Chao pointed out that TAITRA has been actively promoting high-potential products made in Taiwan in the OPEC nations,such as construction hardware,security equipment,furniture,foods,auto and motorcycle parts,information and communication technology(ICT)products,having also led nine exhibition groups and organized four trade delegations to the region this year.
Post-war Iraq is a new market that must not be neglected,for the nation`s GDP grew 9.6%in 2011,and is expected to rise to 12.6%in 2012,said Chao.
