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Taiwan Climbs to 16th-Largest Trading Nation in the World

Source: Taiwantrade | Updated: 24 September 2010

It marked one notch up from Taiwan's place in the WTO rankings for the whole of 2009, the bureau said in a press release. The Geneva-based trade regulator typically compiles global trade rankings in terms of a country's annual trade value.

The BOFT compared data on major trading nations for the first two quarters of this year posted on the WTO website and came to the conclusion that Taiwan's trade volume was the world's 16th largest for the six-month period.

Citing WTO statistics, the bureau said Taiwan's merchandise trade amounted to US$131.92 billion in the first half of 2010, trailing the 15th-ranking Mexico by US$9.3 billion.

The bureau said Taiwan stands a good chance of overtaking Mexico in the global rankings in one or two years, especially after signing a landmark economic cooperation framework agreement with China.

Taiwan's share of global exports increased significantly from 1.6 percent of the global total for the whole of 2009 to 1.9 percent for the first half of this year, the bureau said.

Taiwan ranked 16th in the WTO global rankings in 2003, but dropped to 18th in 2004 and remained there until 2008.

South Korea beat the other three Asian Dragons -- Taiwan, Hong Kong and Singapore -- in trade records for the first half of the year, emerging as the world's seventh-largest trading nation, up two notches from its ranking for the whole of 2009.

Hong Kong fell from 11th to 13th for the first half of this year, while Singapore's ranking remained unchanged at 14th.

According to the bureau, China remained firm at the top of the global rankings. China became the world's No. 1 trading nation for the first time last year.

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