EU-Taiwan trade

According to Eurostat data (Figure 2), bilateral trade in goods decreased from €84.3 billion in 2022 to €77.6 billion in 2023 amid contracting global trade. EU imports from Taiwan shrunk from €49.2 billion to €47.1 billion and EU exports to Taiwan from €35.1 billion to €30.5 billion. In 2023, the EU ran a trade in goods deficit with Taiwan of €16.6 billion, up from €14.1 billion in 2022. In 2022, major Taiwanese export items to the EU were integrated circuits and electronic components (23 %), transport equipment (10.7 %) and electronic data processing and office equipment (10.6 %). The main EU export items to Taiwan were non-electrical machinery (32.7 %), transport equipment (15.5 %) and chemicals (15.4 %). According to Eurostat service trade data as of February 2024, in 2022 the EU and Taiwan traded services worth €18 billion, up from €13.9 billion in 2021.