Taipei [Taiwan], July 27 (ANI): The United States has, for the first time, surpassed China and Hong Kong in 2024 to become the largest buyer of Taiwan-made machinery, marking a significant shift in regional trade dynamics driven by geopolitical tensions, industrial strategy shifts, and evolving supply chains, Focus Taiwan reported.
According to Taiwan’s Ministry of Finance (MOF), exports of Taiwanese machinery to the US reached USD 5.8 billion in 2024, reflecting a 6.1 percent increase compared to 2023. This accounted for 24.2 percent of Taiwan’s total machinery exports. In contrast, exports to China and Hong Kong declined by 1.5 percent year-on-year to USD 5.7 billion, making up 23.7 percent of the total.
Between 2019 and 2024, Taiwan’s machinery exports to the US surged by 24.5 percent, while shipments to China and Hong Kong dropped by 16.8 percent, according to MOF data. In 2019, China and Hong Kong together comprised 29.3 percent of Taiwan’s machinery exports, compared to the US share of 19.9 percent. This reversal reflects deeper transformations in global industrial supply networks.
The decline in sales to China is partially attributed to Beijing’s strategic investments in its domestic machinery manufacturing sector aimed at reducing reliance on foreign equipment. Meanwhile, increasing trade tensions between the US and China, alongside Washington’s “Made in the USA” policy favoring localized production, have made the US market more appealing to Taiwanese manufacturers.
Despite the strong performance in the American market, Taiwan’s total machinery exports dropped to a three-year low of USD 24.1 billion in 2024, down 0.4 percent from 2023 and 15.5 percent from the record high of USD 28.6 billion in 2022, Focus Taiwan noted.
Machinery remained Taiwan’s fourth-largest export category in 2024, though its share of overall exports declined to a historic low of 5.1 percent, compared to 5.6 percent in 2023. Although machinery exports saw a rebound of 4.3 percent in early 2025, the MOF cautioned that ongoing global uncertainties and continued US-China tensions could challenge future growth prospects. (ANI)
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