Given that Taiwan is a country full of natural resources, it is the leading producer and exporter of chemicals worldwide. The country has long been the leader in the chemicals market providing all types of chemicals with competing prices. This has shaped the economy of the country, making it stand out there compared to other countries of the world.
However, in recent news there has been seen a huge decline in their exports. Recent reports show that Taiwan has lately lost a lot of money due to what is said to be the steepest decline in the past 3 years for exports. The main reason for the event is the trade war between the United States and China which has stopped a lot of business from taking place. The dispute has had its fair effect on Asia as a whole which has affected the overall economy of the area.
Number sshow that the exports of Taiwan in terms of the chemical industry has dropped over 10.5% which is reflected as US$5.09 billon. This drop was revealed by the Ministry of Economic Affairs through Lin Lee-chen who is the ministry department director. He commented on the news saying, “The figures reflect that the hit from foreign demand is big, and if it gets any bigger all the export-driven economies need to be more careful. There seems to be strong co-movement across Asia, consistent with the notion that production processes are interlinked, and that the China-US trade war impact is flowing through to the entire region.”