Taiwan Market Research and Analysis

Market Research TaiwanServing as almost a textbook case in the emergence of Asian nations' ability to survive and thrive in a global economy, Taiwan has transitioned from an agrarian society to one dominated by Industry and Service. In an economy where the ratio of agriculture to GDP dropped from 35% in 1952 to 2% over the course of 50 years, and has been replaced with high tech manufacturing and services, it is clear that Taiwan's continued industrial revolution will continue to lure investment and present growth opportunities to even the most mature and sophisticated companies.

Market Research Taiwan further adds its international appeal by constantly ranking highly in terms of healthcare, public education, economic freedom, and human development. Increased privatization of traditionally government owned entities such as banks and industrial firms, is also a signal of Taiwan's slightly more relaxed policy towards foreign business as an autonomous region to Mainland China.

Taiwan will continue to grow from ongoing Foreign Direct Investment in the Services sector which remains drastically underserved, while the trade relations with Mainland China are continually improved as relations across the Strait enable easier commerce between the two entities of Greater China.

As a leading management and consulting firm focusing specifically in the Asia Pacific region, YCP Solidiance aims to help its clients in setting up or expanding their businesses in Taiwan. We pride ourselves in having a hands-on approach in obtaining valuable information needed by the clients, and deliver personalized results depending on our clients' requests. This specific approach has gained us our clients' trust and led us to a repeat engagement rate of 90%.

Market Research Taiwan

Taiwan: A Tiger in the Asian’s Economy

Taiwan's GDP growth of 8.2% in the first quarter of 2021 has put the country's economy as one of the highest performers among Asian nations. The recent GDP growth marked the fastest expansion since a decade ago in 2010.

Remarkable Performance During the Global Crisis

Taiwan's Government has proven remarkable ability to contain the COVID-19 pandemic in 2020, recording only 11.694 cases to date despite its proximity to China and the frequent travel between the two countries.

The island never officially went into lockdown. Instead, they set up a Central Epidemic Command Centre (CECC) in January 2020 to coordinate across government ministries and private institutions.

The vast pandemic recovery in Taiwan is also backed by the quality of hospitals in the country, alongside massive testings, strict 14-day quarantining regulations, and population-based measures.

Private consumption has rebounded recently, growing 2.1 percent compared to the same period last year. Similarly, the total investment has also recovered in the first quarter, expanding by over 8.3%. Some sectors rose more than the others, namely machinery, transportation, and construction.

Key Drivers to the Economy

Market Analysis Taiwan

However, the best performance comes from Taiwan's growth in exports of goods and services, with a roaring number of 19.6 percent from 5.7 percent in the fourth quarter of 2020.

The buoyant export was due to the surge in global electronics demand, as global consumers shift behavior tendencies to remote activities and online shopping.

While the world trade sharply slumps in recession, Taiwan semiconductors trade to mainland China and Hong Kong became the backbone to the country's total export, accounting for 44 percent of its total exports.

Severe Shortages of Semiconductors

As the key global source of semiconductors production, the global demand for Taiwan's electronic sector shows minor signs of slowing down throughout 2021. The native manufacturers are starting to experience bottlenecks in productions as the supply of semiconductors decreases.

Nevertheless, Taiwan's electronic product exports are not reliant on mere semiconductors. Trades of computers, TVs, and auto-electronics pose a solid contribution to the country's electronic sector.

Albeit, the severe shortages of semiconductors have dampened other electronic manufacturers. Vehicle manufacturers are among the first to struggle due to the issue.

As the world economy and global demand rebound, Taiwan needs to resolve its semiconductor supply concerns to retain its reputation as one of the world's resilient economies.

Taiwanese manufacturers are increasing output to facilitate the surging demands, assuming the country can sustain a robust post-pandemic recovery.

The COVID-19 pandemic has proven that both countries and private institutions urgently need digital transformation to sustain their presence in the competitive global market. Taiwan aims to facilitate acceleration for those seeking to join the new economical way to live.

To add matters in hand, as the long-term outlook for electronics demands is in sight through significant technological developments, Taiwan's plan to roll out 5G over the next five years would further trigger the rising demand for 5G electronic products.

The global digital economy would underpin the optimistic outlook for Taiwan to become the leading electronic sector exports and retain the country's reputation as the top economies in the world.

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