United States becomes top buyer of Taiwan machinery, surpassing China

TAIPEI: The United States has, for the first time, overtaken China and Hong Kong in 2024 to become the largest buyer of Taiwan-made machinery, signalling a notable shift in regional trade patterns influenced by geopolitical tensions, industrial strategies, and shifting supply chains, Focus Taiwan reported. According to Taiwan's Ministry of Finance (MOF), outbound sales of Taiwan's machinery to the US reached USD 5.8 billion in 2024, an increase of 6.1 per cent compared to 2023. This figure represents 24.2 per cent of Taiwan's total machinery exports. In contrast, exports to China and Hong Kong slipped by 1.5 per cent year-on-year to USD 5.7 billion, accounting for 23.7 per cent of the total, Focus Taiwan noted. Between 2019 and 2024, Taiwan's machinery exports to the US surged 24.5 per cent, while shipments to China and Hong Kong declined 16.8 per cent, according to the MOF report. In 2019, China and Hong Kong together made up 29.3 per cent of Taiwan's machinery exports, while the US held a 19.9 per cent share. The reversal reflects deeper changes in global industrial supply chains. Focus Taiwan reported that Taiwan's declining machinery sales to China are partly due to Beijing's deliberate investment in domestic machinery manufacturing to reduce dependence on foreign equipment. Simultaneously, growing trade friction between the US and China, along with the push for localised production under the "Made in the USA" policy, has made the American market increasingly attractive to Taiwanese firms in recent years. (ANI)

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