The Taiwanese Economy

Transcription

1 The Taiwanese Economy A new dynamic after the Economic Crisis March 22,

2 The Taiwanese economy in a few words Important figures TAIWAN, 5 th ECONOMIC POWER IN ASIA A DYNAMIC ECONOMY 2011 GDP Growth: +4,04% World s 6 th most competitive economy (WEF) World s 5 th safest country for investment (IMD) World s 4 th country in term of profit opportunities (BERI) World s 4 th currency reserve (394 bn USD, Feb. 2012) A LARGE POTENTIAL 68% services, 30% industry, 2% agriculture 23,1 M population with high revenues (Asia s 5th GDP per capita: USD ) World s 24 th economy, Asia s 6 th economy (2010) A PROMISING MARKET A regional hub to Mainland China Household consumption & trust at highest level since 2002 French exports in 2011: +36% March 22,

3 Taiwan in the globalized economy Taiwan, 6 th Asian Economy Korea 1,014 (14 th ) India 1,727 (9 th ) Japan 5,458 (3 rd ) China GDP: 5,926 bn USD (2 nd ) Indonesia 706 (18 th ) Taiwan 431 (24 th ) Thailand 319 (30 th ) Malaysia 237 (36 th ) Hong Kong 224 (38 th ) Singapore 208 (43 rd ) Philippines 200 (44 th ) March 22,

4 The economic situation in Taiwan Taiwan s economic recovery after the 2008/09 slowdown 100% 80% Foreign Trade Stock variation GFCF Government Final Consumption Private Final Consumption 60% 40% 20% 0% -20% 3,72 0,21 1,59-0,71-0,78 Contributions to economic growth -40% -60% Source : DGBAS The main economic indicators Inflation Unemployment Growth March 22,

5 The major role of the industrial sector Composition of GDP by economic sectors Agriculture/Mines Industry Services GDP by economic sectors Source : DGBAS/MOEA Agriculture/ Mines 1,9% Industry 29,4% Industry accounts for nearly 30% of GDP in 2011 Services 68,7% March 22,

6 Taiwan s Foreign Trade Exports are driving the taiwanese economy Exports Imports Balance of Trade In 2011, exports have reached 308 bn USD (+12,3%), imports 281 bn USD (+12,1%), for a trade surplus of 27bn USD (+17,4%) Source: DGBAS, BOFT March 22,

7 Taiwan s Foreign Trade Contribution to imports & exports by commodities Machineries, electrical and electronic equipments Minerals Chemicals Basic Metal and articles thereof Others 9,6% 22,4% 12,1% 24,2% 31,6% Imports by commodities in 2011 Exports by commodities in ,4% 8,2% 46,8% Machineries, electrical and electronic equipments Basic Metal and articles thereof Precision Instruments Plastic and articles thereof 7,8% Others 9,8% Source: DGBAS March 22,

8 Taiwan s Foreign Trade Contribution to imports & exports by trade partners Asia 56,1% Africa 3,8% Europe 10,5% Middle East 12,8% North America 9,9% Latin America 2,8% Taiwanese imports by origin in 2011 Mainland China & HK: 16,1% Japan: 18,5% Asean-6: 11,6% EU 27: 8,5% Oceania 4,1% Source : BOFT Taiwanese exports by destination in 2011 Mainland China & HK: 40,2% Japan: 5,9% Asean-6: 16,5% EU 27: 9,3% Asia 69,0% Africa 1,0% North America 12,6% Latin America 2,3% Europe 10,1% Others 1,2% Oceania 1,4% Middle East 2,4% March 22,

9 France s foreign trade with Taiwan Slowdown of French imports from Taiwan in 2011 Total Trade in 2011 : 4,2 bn EUR ( France, 24 th trade partner of TW) French imports : 2,33 bn EUR (20 th client of TW) French Exports : 1,88 bn EUR (19 e th supplier of TW) 446 M EUR of Trade deficit Commodities Imports from Taiwan in value (K euros) French imports from Taiwan in 2011 Computers, electronics and optical products (-33%) Other industrial products (-2,5%) Machineries and electrical equipments (+2%) Basic metals and articles thereof (+12,6%) Vehicles, Aircraft, Vessels and associated transport equipment (+8,3%) Chemicals, Perfumes and Cosmetics (+9,5%) Others (64,2%) Agroprocessing Industry (+31,1%) Computers, electronics and optical products 50,3% Machineries and electrical equipments 11,2% Transport 10,0% Chemicals, Perfumes and Cosmetics 4,3% Other industrial products 12,1% Metals and articles thereof 10,8% Natural Hydrocarbon, other products from extractive industries, electricity, waste (125,2%) Products based on refined oil & coke (-86,1%) Agricultural Products (-20,8%) Total (-19%) Source : French Customs Products based on oil & coke 0,2% Others 0,6% Agriculture 0,1% Hydrocarbon 0,2% Agroprocessing 0,3% 30 mars

10 France s foreign trade with Taiwan Increase of French exports to Taiwan in 2011 Commodities Exports to Taiwan in value (K euros) Vehicles, Aircraft, Vessels and associated transport (+227,3%) equipment French exports to Taiwan in 2011 Computers, electronics and optical products (-2,1%) Other industrial products (+6,3%) Chemicals, Perfumes and Cosmetics (+5,6%) Computers, electronics and optical products 16,0% Other industrial products 14,9% Chemicals, Perfumes and Cosmetics 12,8% Agroprocessing Industry (+15,6%) Machineries and electrical equipments (+10,4%) Agroprocessing 9,8% Basic metals and articles thereof (+18,6%) Transport 31,7% Others (+2,4%) Natural Hydrocarbon, other products from extractive industries, electricity, waste (+243,3%) Agricultural Products (-10,6%) Products based on refined oil & coke (+23,4%) Total (+36,1%) Products based on oil & coke 0,3% Agriculture 0,4% Others 1,0% Hydrocarbon 0,6% Machineries and electrical equipments 7,4% Metals and articles thereof 5,1% Source : French Customs 30 mars

11 Conclusion Taiwan s strenghts and weaknesses Strengths Strong Financials WW #4 producer of electronics components and systems Improvement in cross strait relations giving access to China s huge market Highly educated workforce and strong social unity Competitive businesses and good business environment Very responsive companies and efficient government support Internal market still presenting significant growth opportunities High Purchasing Power Weaknesses Lack of UN recognition limits political and commercial agreements Foreign trade mostly depending on China and USA Trade dependence on China may lead to political dependence Risk of increasing delocalization of jobs to China Lack of competitiveness of Services Insufficient global infrastructures Internal consumption too low Financial system spread among too many actors Lack of Brands (OEM/ODM focus) March 22,