Bilateral Trade Between India and Taiwan Reaches $8.45 Billion, sees 9.8% increase from 2021

By: Asia Business Outlook Team | Friday, 25 August 2023

In the business world, India and Taiwan are developing stronger ties. According to Taiwan's official data, India is the country's 17th largest trading partner and 14th largest export destination. According to Taiwan's Bureau of Foreign Trade, Ministry of Economic Affairs, India is "certainly an important partner country under Taiwan's New Southbound Policy."

On the sidelines of the Taiwan Excellence programme in Mumbai, Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center-India, told Financial Express Online that "there are more than 250 Taiwanese companies already in India, who have made a combined investment of around $4 billion (Rs 32,988 crore) in the country."

It is interesting to note that the bilateral trade between India and Taiwan totaled $8.45 billion (Rs 69,687 crore) in 2022, representing an increase of 9.8% over 2021. India’s exports to Taiwan amounted to $3.14 billion (Rs 25,896 crore). This primarily comprises mineral fuels, aluminum, iron, steel, organic chemicals, and plastics while Taiwan’s exports to India amounted to $5.31 billion (Rs 43,792 crore), consisting mainly of primarily of plastics, electronic integrated circuits, organic chemicals, electrical machinery, iron, and steel.

India's ambitious electrification plan has increased the island nation's business opportunities in the subcontinent. "Not just Foxconn, but a lot of Taiwanese electric vehicle component companies are interested in India," Chen adds. Her optimism stems primarily from an increase in the number and interest of Taiwanese companies exploring strategic expansion in the Indian market.