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U.S.-Taiwan Trade and Economic Relations (CRS Report for Congress)

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Release Date Revised March 15, 2024
Report Number IF10256
Report Type In Focus
Authors Wayne M. Morrison
Source Agency Congressional Research Service
Older Revisions
  • Premium   Revised March 7, 2022 (3 pages, $24.95) add
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Summary:

With a population of 23 million people, Taiwan has evolved to become a highly-developed, dynamic, and globally-competitive economy. In 2014, Taiwan’s gross domestic product (GDP) on a purchasing power parity (PPP) basis was $1.0 trillion, making it the world’s 22nd largest economy. Its per capita GDP on a PPP basis (a common measurement of living standards) was $43,540,18% greater than Japan’s and about 80% that of the United States. Taiwan is the world’s 18th largest merchandise exporter (at $322 billion) and the 17th largest merchandise importer (at $273 billion). The World Economic Forum’s 2014-2015 Global Competitive Index, which assesses the competitiveness of 144 economies, based on factors that determine productivity growth, ranked Taiwan 14th (the United States ranked third).