Taiwan
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 480 bn Goods Exports 307
GDP per capita (USD) 20,713 Imports 279
GDP volume growth (year-on-year) + 4.0% Net + 28
Population 23.1m Services Exports 46
Central bank rediscount rate 1.875% Imports 42
Exchange rate TWD / USD (year average) 29.4637 Net + 4
BoP (goods, services & income) as % of GDP + 9.4% Taiwan Economic Forum, October 2012Source: WTO, September 2012 and^International/Regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 12–14 November 1991.
International Monetary Fund (IMF): NA.
World Trade Organization (WTO):
since 1 January 2002.
Government trade policy
Taiwan’s lack of formal diplomatic relations
has made it difficult for the country to pursue
international trade agreements, which
consequently limits its trade policy.
Taiwan has, however, secured WTO
membership, which has encouraged the
Taiwanese government to reduce some
trade tariffs.
National export credit insurance provider:
The Export-Import Bank of the ROC
(Eximbank — http://www.eximbank.com.tw)
operates Taiwan’s state-supported export
credit and insurance programmes.
Taiwan maintains approximately five free
trade zones.Currency and exchange controls
Official currency: Taiwanese dollar (TWD).
Exchange rate arrangement: managed float.
Taiwan does not impose foreign exchange
controls on foreign currency conversion but does
impose some on non-trade related transactions.
These are administered by the Ministry of
Finance (www.mof.gov.vn), the Central Bank of
the Republic of China (CBC — http://www.cbc.gov.tw))
and the Ministry of Economic Affairs (MOEA —
http://www.mofa.gov.vn/en)..)
Taiwan imposes limits on foreign exchange
proceeds remission; CBC approval is required
for all transactions over the set amounts.
Resident companies can remit up to USD
50 million per year, excluding imports and
exports payments and staff salary payments.
Foreign companies wishing to borrow from
abroad must seek permission from the
CBC’s Foreign Exchange Department and
the MOEA’s Investment Commission.
The MOEA’s Investment Commission must
authorise all foreign direct investment and
resident outward investment in advance.Bank accounts
Resident companies can hold local currency
(TWD) bank accounts outside Taiwan.
Resident companies can hold foreign
currency bank accounts both within and
outside Taiwan.
Non-resident companies can hold local
currency deposit accounts in Taiwan, but
cannot hold domestic currency cheque
accounts.
Non-residents are also permitted to hold
foreign currency bank accounts in Taiwan.