TAIPEI – Taiwan’s per capita gross domestic product (GDP) has surpassed South Korea’s for the first time since 2004, according to data released by Taipei’s Economic Affairs Ministry (MOEA) today.
CNA reported that data released by MOEA’s Statistics Department today showed that Taiwan’s GDP per capita stood at US$32,811 (RM146,353) in 2022, more than South Korea’s US$32,237.
The comparison and contrast between the two countries was drawn because of their similar population density, economic development models, and industrial structure, said MOEA.
Besides, Taiwan’s economy grew by 3.2% each year on average from 2013-2022, also higher than South Korea’s annual average of 2.6%, MOEA said.
While manufacturing value added (MVA) accounted for 29.1% of Taiwan’s GDP in 2013, the number rose to 34.2% in 2022.
South Korea’s MVA, meanwhile, contracted from 27.8% to 25.6% in the same stretch.
Taiwan has passed South Korea in manufacturing value-added rate since 2015, which reached a record high of 32.5% in 2020 when South Korea had 28.7%, MOEA said.
According to the ministry, China-based Taiwanese businesses returning to the island nation due to the Covid-19 pandemic and the trade war between China and the United States over the past five years have boosted Taiwan’s competitiveness.
Taiwan’s exports grew by 4.6% on average each year from 2013 to 2022, more than South Korea with 2.2% and the global average of 3%, the data indicated.
Meanwhile, the total value of South Korea’s exports was narrowed from 180% of Taiwan’s in 2013 to 140% in 2022.
The contrast was stark in 2022. Taiwan’s advantage in the semiconductor industry gave it a trade surplus of US$51.4 billion in 2022, while South Korea, impacted by the Covid-19 lockdown in China and rising costs of energy imports, saw a trade deficit of US$47.8 billion. – Bernama, April 28, 2023
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