Taiwan sees significant growth in free trade zones

15-Jun-2019 Intellasia | FocusTaiwan | 6:00 AM Print This Post

There has been significant growth in both the value and volume of trade in Taiwan’s free trade zones (FTZs) in the first four months this year thanks to the presence of more new business operators, the Ministry of Transportation and Communications (MOTC) said Thursday.

The FTZs in six sea ports and Taiwan Taoyuan International Airport saw 2.2 million metric tonnes in trade between January and April, up 6.51 percent year-on-year, the ministry said.

That figure translated into NT$270 million (US$8.6 million) in trade, a 21.2 percent increase compared with the same period last year, the ministry said.

The performance is significant as the FTZs have posted an annual average increase of 11 percent in volume and 13 percent in value since the ministry began supervising them in 2009, the MOTC said, adding that there are currently 115 business operators in the FTZs.

In the FTZs, enterprises are allowed to engage in trading, warehousing, logistics and other business without being subject to restrictions imposed by import and export regulations, and customs requirements.

The increase in trade value was mostly attributable to the operations of four new consumer electronics companies in the airport FTZ last year, the ministry said, adding that one is relocating an entire production line from China to Taiwan due to the ongoing trade war between Washington and Beijing.

Trade volume and value in the airport FTZ had grown 26.7 percent and 30.6 percent year-on-year, respectively, during the first four months of 2019, the ministry said.

http://focustaiwan.tw/news/aeco/201906130020.aspx

 


Category: Taiwan

Print This Post