Taiwan - Economy
How is the economy of Taiwan? Based on the information we have, Taiwan has a high-income East Asian economy; most technologically advanced computer microchip manufacturing; increasing Chinese interference threatens market capabilities; minimum wages rising; longstanding regional socioeconomic inequality. Key agricultural products in this country include: rice, vegetables, pork, chicken, cabbages, sugarcane, milk, eggs, tropical fruits, pineapples (2022).
More about the economy of Taiwan
Labor force 11.498 million (2020 est.)
Industrial production growth rate 3.9% (2017 est.)
Industries electronics, communications and information technology products, petroleum refining, chemicals, textiles, iron and steel, machinery, cement, food processing, vehicles, consumer products, pharmaceuticals
Population below poverty line
Taxes and other revenues 16% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency New Taiwan dollars (TWD) per US dollar -
Exchange rates 2020 28.211 (2020 est.)
Exchange rates 2019 30.472 (2019 est.)
Exchange rates 2018 30.8395 (2018 est.)
Exchange rates 2014 31.911 (2014 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 31 December 2017 $456.7 billion (31 December 2017 est.)
Reserves of foreign exchange and gold 31 December 2016 $439 billion (31 December 2016 est.)
Current account balance
Current account balance 2019 $65.173 billion (2019 est.)
Current account balance 2018 $70.843 billion (2018 est.)
Public debt
Public debt 2017 35.7% of GDP (2017 est.)
Budget
Revenues $94.943 billion (2019 est.)
Expenditures $105.833 billion (2019 est.)
Budget surplus (+) or deficit (-)
Average household expenditures
On food 14.2% of household expenditures (2022 est.)
On alcohol and tobacco 2.4% of household expenditures (2022 est.)
Imports
Imports 2019 $308.744 billion (2019 est.)
Imports 2018 $305.428 billion (2018 est.)
Imports 2017 $303.067 billion (2017 est.)
Imports (partners) China 19%, Japan 12%, US 10%, South Korea 7%, Australia 6% (2022)
Comodities Imports force integrated circuits, crude petroleum, machinery, natural gas, coal (2022)
Exports
Imports 2019 $308.744 billion (2019 est.)
Imports 2018 $305.428 billion (2018 est.)
Imports 2017 $303.067 billion (2017 est.)
Exports (partners) China 22%, US 15%, Hong Kong 12%, Singapore 7%, Japan 6% (2022)
Comodities Exports force integrated circuits, machine parts, computers, refined petroleum, plastics (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2019 $1.143 trillion (2019 est.)
Real GDP (purchasing power parity) 2018 $1.113 trillion (2018 est.)
Real GDP (purchasing power parity) 2017 $1.083 trillion (2017 est.)
GDP (official exchange rate) $611.391 billion (2019 est.)
Real GDP Per capita
Real GDP per capita 2019 $47,800 (2019 est.)
Real GDP per capita 2018 $46,600 (2018 est.)
Real GDP per capita 2017 $45,400 (2017 est.)
GDP - composition, by sector of origin
Agriculture 1.8% (2017 est.)
Industry 36% (2017 est.)
Services 62.1% (2017 est.)
GDP - composition, by end use
Household consumption 53% (2017 est.)
Government consumption 14.1% (2017 est.)
Investment in fixed capital 20.5% (2017 est.)
Investment in inventories -0.2% (2017 est.)
Exports of goods and services 65.2% (2017 est.)
Imports of goods and services -52.6% (2017 est.)
Unemployment rate
Unemployment rate 2019 3.73% (2019 est.)
Unemployment rate 2018 3.69% (2018 est.)
All Important Facts about Taiwan

Want to know more about Taiwan? Check all different factbooks for Taiwan below.

Taiwan is found in Eastern Asia