Taiwan listed as UK’s 2nd fastest growing export market
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Taiwan ranked 2nd among Britain’s fastest growing export markets with growth up 40.8% to £2.8 billion between 2017-2018, according to data from the UK Office for National Statistics on 24 April. In a press release published the following day (https://bit.ly/2IKReoq), the UK Department for International Trade listed Taiwan as one of the UK’s fastest growing export partners in Asia for 2018, adding this trend “reflects the growing prosperity and economic potential of the region, and its attractiveness as a destination for British goods and services.” Secretary of State for International Trade Dr Liam Fox also highlighted the need for British businesses to be reaching out to growing export partners in Asia, including Taiwan.
Taiwan opened its market to pork imports from the UK last year, presenting business opportunity worth more than £50 million over the next five years and signifying deepening trade relations between the two countries. Taiwan is the UK’s 7th largest trading partner in the Asia Pacific region with bilateral trade amounting to £6.6 billion in 2018.
