New southbound results in the first half of 2024, semiconductor investment boom

2024/08/23

Rti central radio station
August 06, 2024
Author Wang Weiting

The Office of Economic and Trade Negotiations of the Executive Yuan today (6th) released the results of the implementation of the New Southbound Policy in the first half of 2024. In the first half of the year, Taiwan’s total trade with the 18 New Southbound Countries was US$83.5 billion, an annual increase of 12.43%, and exports reached US$50.2 billion, an annual increase of 21.22%. %, a record high for the same period in previous years. According to statistics, my country's trade with new southbound countries is mostly concentrated in integrated circuits, computer-related products, and communication products.

The Economic and Trade Office stated that under the trend of Vietnam, India and other countries actively developing electronics and semiconductor-related industries, the growth of integrated circuits, computer-related products, and communication products in the first half of the year reached 3.5%, 505.7%, and 22.6% respectively. Looking at specific items, we mainly export logic chips, memories, and displays to New Southbound countries; we import logic chips, processors, controllers, servers, etc. from New Southbound countries. Bilateral trade is complementary.

In the agricultural trade part, the total trade of agricultural products between China and New Southbound Countries in the first half of the year was US$2.7 billion, of which the amount of agricultural products exported to New Southbound Countries reached US$670 million, an annual increase of 5.8%; the main exports were fish products, feathers and down, and feed. Mainly use by-products, pickled products, Phalaenopsis, etc. In addition, New Zealand also approved the import of Taiwanese pineapples in April this year.

Statistics from the Economic and Trade Office pointed out that in the first half of the year, China approved US$4.533 billion of investment (increased) in new southbound countries, an annual increase of 113%. Investments were mainly concentrated in Singapore, Vietnam, Thailand, Malaysia, India and other countries; during the same period, investment in China Investment was US$1.547 billion, an annual decrease of 19.0%.

The Economic and Trade Office stated that Taiwanese businessmen's investment in New Zealand's southbound investment focuses on manufacturing, with the electronic components industry as the focus of investment, accounting for 85% of the overall manufacturing investment. This reflects the recent development of various countries driven by emerging technologies such as AI. Electronics and semiconductor-related industries are enthusiastic. Among the investment in the service industry, finance and insurance accounted for 73.2% of the total investment in the service industry, followed by the wholesale and retail industry.

The Economic and Trade Office stated that the amount of investment approved by the new southbound countries in Taiwan in the first half of the year totaled 172 million U.S. dollars, a year-on-year decrease of 92.33%, mainly due to the large-scale capital increase of Star Merchants in the same period of 2023, which increased the base period; the investment source countries are mainly Singapore and Malaysia. ,Australia. The Economic and Trade Office stated that despite the overall decline in investment, investment from the New Southbound Countries in our electronic components, computer electronics and optical products, machinery and equipment industries has increased significantly, with an increase of approximately 10 to 30 times. There are also 2 to 3-digit growth in tourism-related industries, reflecting the strong bilateral investment between Taiwan and New Southbound in electronics and semiconductors. In the post-epidemic era, the recovery of the tourism industry has also driven new southbound investment in Taiwan-related industries.

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