Bilateral Trade Between Germany and Taiwan Reached New Record High in 2021


TAIPEI, Taiwan – The trade balance between Taiwan and Germany surpassed the US$ 20bn mark for the first time in the history of the German-Taiwanese trade relations, as the latest financial and trade statistics of the Ministry of Finance, R.O.C., revealed. The figures reached a new record high of US$ 20.7bn, which is a 27.5 percent increase compared to the result of 2020 (US$ 16.2bn).

“The German-Taiwanese trade relations developed overwhelmingly positively in 2021, defying the pandemic. Germany retained its position as Taiwan’s most important trade partner in Europe. It is particularly gratifying that both imports from and exports to Germany rose significantly, which indicates that our economic relations are based on mutual benefit,” stated Axel Limberg, Chief Representative and Executive Director of the German Trade Office Taipei.

According to the data, Taiwan’s exports to Germany amounted to approximately US$ 8.2bn (+35.4%), while imports accounted for US$ 12.5bn (+22.8%). The main export commodities included machinery and electrical equipment worth US$ 4.2bn, of which parts of electronic products as well as information, communication and audio-video products accounted for the bulk of export value (approximately 35% each). Machinery and electrical equipment were also the top import commodities from Germany worth almost 4.9bn, with machinery taking the biggest share of about 46 percent (US$ 2.3bn). Chemicals came second with US$ 2.8bn, while imported vehicles, aircraft, vessels, and associated transport equipment were the third most important commodity in 2021, accounting for US$ 2.2bn.

While approved foreign direct investments in Taiwan decreased by 18.2 percent in 2021, German investments in Taiwan saw a substantial increase of 67.3 percent compared to the results of 2020, amounting to US$ 252.6 million, according to the Investment Commission.

Mr. Limberg emphasized: “These statistics reflect what German companies tell us regularly: Taiwan and Germany are partners on equal footing, whose technologies perfectly complement each other. Further expansion of international cooperation will be crucial to shape the future of key technologies such as Industry 4.0, artificial intelligence, biotechnology and so forth. As German Trade Office Taipei, we are determined to facilitate bilateral cooperation wherever possible and are optimistic that our trade relations will continue to flourish in 2022.”

During the GTO Economic Outlook on February 22, 2022, the German Trade Office Taipei will assess the current state of the German economy in Taiwan and discuss the future of the Taiwanese economy as well as key industries with the Taiwanese Ministry of Economic Affairs and leading German companies.