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June 27, 2017

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Taiwan's trade not impacted by Ukraine crisis: BOFT

TAIPEI, Taiwan -- Thanks to a steady economic recovery in Europe and the United States, the tense situation in Ukraine has had no immediate impact on Taiwan's exports and imports, the Bureau of Foreign Trade (BOFT) said Tuesday.

Unless the tensions between Ukraine and its massive neighbor Russia escalate to a point that seriously disrupts the global financial market and world supply chains, Taiwan's exports and imports will remain largely unaffected, the BOFT said.

As the situation in the Eastern European country remains volatile since Russia sent troops into Crimea Monday, the bureau said it is keeping tabs on responses from the European Union and United States.

Currently only seven Taiwanese nationals are known to be in Ukraine, and they are not believed to be in any danger, it said, adding that it will ask Taiwan's trade center in the country to provide updates.

Trade between Taiwan and Ukraine has been limited, BOFT statistics show, totaling US$363 million in 2013 and leaving Taiwan with a surplus of US$43 million.

Taiwan's main exports to Ukraine are information and telecommunications equipment, steel and car components, while Ukraine mainly sells chemicals, oil, steel and agricultural products to Taiwan.

Russia, meanwhile, was Taiwan's 20th-largest trade partner last year. Bilateral trade last year reached US$4.74 billion, with Taiwan seeing a deficit of US$1.75 billion.

Electric engineering equipment, car components and plastic products made the bulk of Taiwan's exports to Russia, while Taiwan imported mainly diesel oil, steel and coal from Russia.

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