UK-TAIWAN BILATERAL TRADE: 2014/15

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1 UK-TAIWAN BILATERAL TRADE: 214/15 15 March 216 SUMMARY The UK s goods and services exports to Taiwan grew by 2.3% in and reached their second-highest level at 1,957 million. Top export sectors were: transport-related services, beverages (mainly whisky), machinery and mechanical appliances, financial services, pharmaceutical products, and vehicles. Goods exports continued to grow in 215; HMRC figures suggest an increase of 6.8% but we await the fuller ONS Pink Book figures. On investment, the UK is now the second largest investment destination for Taiwan (if the UK Overseas Territories in the Caribbean are excluded). In 215, a total of US$1.7 billion ( 1.2 billion) was spent to the UK (mostly in real estate), and accounted for. % of Tai a s outbound FDI in 215. DETAIL UK-Taiwan Trade Performance: goods and services in Based on statistics released by the Office for National Statistics (ONS), the bilateral trade in goods and services between the UK and Taiwan in was 5,796 million, the third highest level on record 3 ( 5,856 million in 213; 5,847 million in 212) and a 5% increase over the level in 28/9. Trade in goods accounted for 8% of the bilateral trade, gi e Tai a s e ports are ai l a ufa turi g a d ICT-intensive products. 1 Trade in services figures for 215 will not be released until early Ibid. 3 This does not include goods trans-shipped through Singapore, Hong Kong, and other regional hubs. True figures are likely to be much higher than bilateral statistics. 1

2 7, UK-Taiwan Bilateral Trade ( million) 6, 5, 4, 3, 2, 1, Total Trade Trade in Goods Trade in Services 214 Top UK Goods and Services Exports (> 1 million) Rank Sector Value ( million) 1 Transport Services Beverage Alcohols (mainly Whisky) 26 3 Machine and Mechanical Appliances Financial Services 17 5 Pharmaceutical Products Other Business Services Vehicles 18 Source: ONS & HMRC 2. Annual figures show that in 214, the UK s total exports to Taiwan grew by 2.3% and reached their second-highest level at 1,957 million (up from 1,913 million in 213), including goods exports of 1,289 million and services exports of 668 million a ratio of 2:1 in goods and services exports. 3. While the UK enjoyed a trade surplus in services exports over Taiwan of 35 million, Taiwanese exports to the UK in 214 stood at 3.52 billion, giving Taiwan an overall trade surplus in its favour of 1.88 billion, lo er tha s. illio surplus. 4. Overall Taiwan was the UK s 32nd largest trading partner and the 6th largest in the Asia-Pacific region in 214. The UK was Tai a s 3rd largest trading partner in Europe, after Germany and the Netherlands. 2

3 2,5 UK Export to Taiwan ( million) 2, 1,5 1, Total Export Export in Goods Export in Services UK Goods Exports to Taiwan in Despite the difficulties facing Tai a s e o o i the se o d half of (China and global slowdown), the UK s goods exports continued to grow in 215; HMRC figures suggest an increase of 6.8% but we await the fuller ONS Pink Book figures. This compares well with the trends for UK trade with other major economies in the region (Singapore: 3.5%; HK: -9.3%; Japan: -.4%; Malaysia: -1.3%; Thailand: -15.3%). Precious stones and metals 2.8% Goods Export to Taiwan, 215 Chemical products 3.1% Others (miscellaneous) 2.6% Beverages (mainly Whisky) 16.5% Machinery and Mechanical Appliance 16.1% Electrical machinery and equipment and parts 6.2% Mineral fuels, mineral oils and products 7.8% Vehicles 8.6% Pharmaceutical products 12.1% Optical, measuring, precision, medical instruments 6.3% 3

4 6. In 215, the top export sectors above 1 million are: beverages (mainly whisky) with 16.5%, machinery and mechanical appliances with 16.1%, pharmaceutical products with 12.1%, and vehicles with 8.6%. 7. Other notable sectors include mineral fuels, optical and precision instruments, electrical machinery and equipment parts, chemical products, precious stones and metals. 8. A further study on the export trend since 21 suggested that the above mentioned top export sectors (beverages, machinery and mechanical appliances, and pharmaceuticals) are at steady export performance, supported by local business links. For example, UK pharmaceutical businesses have invested NTD$ 2 billion ( 4 million) in the last decade in Taiwan. On manufacturing, Tai a s e eptio al ICT stre gth a d UK s pro i e t role in the global value chain support bilateral trade on machinery appliances and electrical equipment. UK companies have a notable presence i Tai a s ie e Parks, including ARM, Oxford Instruments, CSR (Cambridge Silicon Radio), etc. 9. The export value of vehicles manufactured in the UK has almost doubled to 99.8 million from 212 to 215. An example of this is the Sunderland-made Nissan Juke; now among Tai a s top i ported SUVs. This is in addition to the strong demand for highperformance sports cars produced by Aston Martin and McLaren. million Main Goods Export, Beverages (mainly Whisky) Machinery and Mechanical Appliance Pharmaceutical products Vehicles Mineral fuels, mineral oils and products Optical, measuring, precision, medical instruments Electrical machinery and equipment and parts Chemical products Precious stones and metals 4

5 1. These figures place Taiwan as the 37th largest goods export destination for the UK (up from 39th), or 8th largest in Asia Pacific region, behind China (6), Hong Kong (12), South Korea (14), Japan (16), Singapore (23), Malaysia (32), and Thailand (33). The 215 figures for services, when available, will likely place Taiwan higher up the total trade rankings. UK Services Exports in On services, the UK exported a total of 668 million in 214, a slight decrease from 68 million the previous year. Services Exports to Taiwan, 214 Telecommunicati ons, computer and information services 1.% Travel 4.% Others (miscellaneous) 6.6% Transport 35.5% Other business services 18.4% Financial 25.4% 12. Transport-related services retained the biggest share of services exports at 35.5%, reaching their highest-ever level of 237 million (up from 226 million). Additionally, a joint UK-Taiwan team 4 recently won the bid for Terminal 3 of Taoyuan Airport Taiwa s main international airport. This may further inject momentum on transport-related services. 13. UK exports of financial services to Taiwan continued to perform strongly compared with other East Asian markets, although the absolute volumes of these exports to Taiwan are smaller than in other markets. Exports of financial services increased again to 17 million (up from 153 million), accounting for a quarter (25.4%) of overall services exports. Tai a s fi a ial se tor o ti ued to gro in 215 from NT$871.7 billion ( 18.5 billion) in 21 to NT$186.8 billion ( 23.1 billion) a notable 25% growth, 4 The UK partner is Richard Rogers. 5

6 supported by deregulation measures adopted by the authorities. Given this, the UK s exceptional strength in financial services exports to Taiwan should grow further in the near future. 14. Taiwan is now the 47th (from 46th) largest service export destination for the UK, or 8th largest in Asia Pacific region, behind China (6), Hong Kong (12), South Korea (14), Japan (16), Singapore (23), Malaysia (32), and Thailand (33). Tai a s Outbou d I est e t i to the UK 15. According to the Investment Commission of Ministry of Economic Affairs (MOEAIC), Taiwan invested a total of US$21.7 billion ( 15.5 billion) outbound in 215, 23.6% higher than the previous year. One of the main reasons is a large increase (67.9%) of financial investment encouraged by the regulator, Tai a s Financial Supervisory Commission (FSC), for Tai a s financial holding groups to pla the Fi a ial Cup merger and acquisition of other financial institutes (mostly banks and insurance companies) in Southeast Asia and elsewhere globally. Singapore 1.1% Thailand 3.6% Hong Kong 2.3% Japan 1.4% Vietnam 5.7% 215 Taiwan Outbound Investment Indonesia 1.9% Philippines 3.% USA Others 1.7% 4.1% China 5.5% British Overseas Territories in the Caribbean 13.3% Europe (excl. UK) 3.7% UK 7.8% US$1.7 billion ( 1.2 billion) 16. The largest spend was in China, with a total of US$11. billion USD, attracting just over half (5.5%) of Tai a s outbound FDI. The other majority of investment (around US$4.5 billion, or 2.7% of total investment) was in geographically linked Asia Pacific countries. 6

7 A total of US$ 2.9 billion, or 1. % of Tai a s out ou d i est e t, went to one of the offshore favourites British Overseas Territories in the Caribbean 5. In 215, US$ 2.5 billion investment arrived in Europe, within which around two-thirds of the investment in Europe went to the UK. 17. The investments in the UK were mainly in commercial properties in London by Cathay Holdings, Fubon Life Insurance, and Shin Kong Bank amongst Tai a s top fi a ial groupings with large and liquid asset pools. Notable purchases include the Madame Tussauds museum building at Baker Street, and several properties in the City of London (1 Carter Lane, Old Change Court, Bow Bells House, Woolgate Exchange and Walbrook). 18. In country-specific terms, the UK (excluding British Overseas Territories) is now the second largest investment destination for Taiwan. A total of US$1.7 billion ( 1.2 billion) investment went to the UK, accounting for. % of Tai a s overall outbound FDI in 215, or two-thirds (67.7%) of investment in Europe. Germany and Netherland had around US$77 million and US$44 million, or 3.1% and 1.8% share of investment in Europe respectively in Taiwan Outbound Investment in Europe France.3% Other European Countries 27.2% Netherland 1.7% Germany 3.1% UK 67.7% Contact Ta-Ching Shih Ph.D. Senior Economic Officer ta-ching.shih@fco.gov.uku 5 These transactions are mainly for tax reduction purposes of Taiwanese companies to reinvest their businesses elsewhere. 7

8 A ex: Tai a s Macro Economy and Prospects 1. For the first time since the global financial crisis in 28/9, Taiwan entered into a technical recession in Q4 215 as GDP contracted by.52% year-on-year (yoy), making the annual GDP growth in 215 only.75% annual growth estimates by analysts, think tanks, officials and banks vary between % Taiwan Quarterly GDP Growth (%) Billion NTD Taiwan GDP and GDP Growth 2, 18, 16, 14, 12, 1, 8, 6, 4, 2, GDP 13,47 13,151 12,962 14,119 14,312 14,687 15,231 16,97 16,76 17, GDP Growth The latest WTO a ual World Trade Report 215 sho ed that Tai a as the th largest goods exporter and 18th largest goods importer in the world in 214/15. This reflects that exports generally contribute 6- % of Tai a s GDP. The ai desti atio s for Tai a s e ports i ere: Chi a i l. Ho g Ko g ith. %, ASEAN (excl. Cambodia, Myanmar, Laos, Brunei 7 ) with 17.8%, the US with 12.2%, Europe with 9.1%, and Japan with 6.9%. 3. With a population of only 23 illio, Tai a is the orld s 26th largest economy (IMF). In April 215, the IMF predicted that Taiwan would enter the orld s top e o o ies 22. It ranks 14th overall and 1th on innovation in the World Eco o i Foru s Global Competitiveness Report. Accounting for 6-7% of global trade i ICT produ ts, Tai a s Agriculture, Forestry, Fishing, and Animal Husbandry 1.8% Public Administration and Defence; Compulsory Social Security 6.4% Real Estate and Ownership of Dwellings 8.1% Finance and Insurance 6.6% Taiwan GDP Composition by Sectors, 215 Information and Communication 2.8% Mining and Quarrying.1% Wholesale and Retail Trade 15.9% Transportation and Storage 3.3% Manufacturing 3.3% Electric ity and Gas Supply 1.9% Water Supply and Remediatio n Services.6% Construction 2.5% manufacturing sector makes up a healthy proportion of its GDP 3.3% in 215 (up from 18% in 1991). Others 19.6% 6 Analysts attributed the contraction mainly to continued trade deficit and export decline, particularly due to overstocking of manufacturing products, continued weaker global demand, the challenge of increased o petitio fro Chi a s ICT suppl hai, a d the glo al price drop of raw materials and oil. 7 Taiwan does not have significant bilateral trade with these four ASEAN members. Therefore, the statistics are not published on a monthly/quarterly basis. 8

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