Import data from major ASEAN nations, such as Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, reveals an upward trend in Taiwan's import share from 5.5% in 2016 to 6.7% in 2022. The latest data released by Singapore also shows that the market share of imports from Taiwan has notably increased from 7.98% in 2016 to 10.8% as of July 2023, positioning Taiwan ahead of both Japan and South Korea in terms of import market share in Singapore.
In contrast, the import share in ASEAN countries from China, Japan, South Korea, and other Asian nations has seen a gradual decline in recent years. Japan's import share decreased from 10.1% in 2016 to 7.1% in 2022, South Korea's share dropped from a peak of 7.7% in 2020 to 7.2% in 2022, and China's share declined from its 2021 peak of 22.9% to 21.8% in 2022.
These trends underscore the fact that, bolstered by the promotion of the NSP, Taiwan's trade competitiveness with ASEAN nations has been consistently on the rise.
Source: Office of Trade Negotiations, Executive Yuan. (2023).‘NSP Milestones: Taiwan Makes Strides in ASEAN Import Markets’, The New Southbound Policy: The Pursuit of Mutual Prosperity, Benefits, Sharing, and Consensus, October 2023, 7