ECONOMY

Taiwan occupies an important position in the global economy. It is a top player in the world’s information and communication technology industry as well as a major supplier of goods across the industrial spectrum. According to the World Trade Organization, Taiwan was the 16th largest exporter and 18th largest importer of merchandise in 2017. It was also one of the largest holders of foreign exchange reserves as of December 2017. Taiwan’s gross domestic product per capita reached US$24,337 in 2017. In terms of nominal GDP, Taiwan ranks close to Argentina and Sweden, while Taiwan’s GDP per capita expressed as purchasing power parity is similar to that of Austria and Denmark.