Taiwan tops South Korea in 2022 GDP per capita 1st time in nearly 2 decades

[beijingwalker]

Taiwan tops South Korea in 2022 GDP per capita 1st time in nearly 2 decades​

04/28/2023 09:27 PM

A semiconductor wafer during manufacture. CNA file photo

Taipei, April 28 (CNA) Taiwan's per capita gross domestic product (GDP) has surpassed South Korea's for the first time since 2004, according to data released by the Ministry of Economic Affairs (MOEA) Friday.
Data released by the MOEA's Department of Statistics Friday showed that Taiwan's GDP per capita stood at US$32,811 in 2022, more than South Korea's US$32,237.

The comparison and contrast between the two countries are drawn because of their similar population density, economic development models and industrial structure, the MOEA said.

Besides, Taiwan's economy grew by 3.2 percent each year on average from 2013-2022, also higher than South Korea's annual average of 2.6 percent, the MOEA said.

While manufacturing value added (MVA) accounted for 29.1 percent of Taiwan's GDP in 2013, the number rose to 34.2 percent in 2022.

South Korea's MVA, meanwhile, contracted from 27.8 percent to 25.6 percent in the same stretch.

Taiwan has passed South Korea in manufacturing value-added rate since 2015, which reached a record high at 32.5 percent in 2020 when South Korea had 28.7 percent, the MOEA said.

According to the MOEA, China-based Taiwanese businesses returning to Taiwan because of the COVID-19 pandemic and the trade war between China and the United States over the past five years has boosted Taiwan's industry competitiveness.

Taiwan's exports grew by 4.6 percent on average each year from 2013 to 2022, more than South Korea with 2.2 percent and the global average of 3 percent, the data indicated.

Meanwhile, the total value of South Korea's exports was narrowed from 180 percent of Taiwan's in 2013 to 140 percent 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.

Taiwan tops South Korea in 2022 GDP per capita 1st time in nearly 2 decades - Focus Taiwan

Taipei, April 28 (CNA) Taiwan's per capita gross domestic product (GDP) has surpassed South Korea's for the first time since 2004, according to data released by the Ministry of Economic Affairs (MOEA) Friday.

focustaiwan.tw

 

[StraightEdge]

Taiwan went into recession in Q1.

Taiwan’s Economy Falls Into Recession as Global Demand Dries Up - Bloomberg

 

[beijingwalker]

Taiwan went into recession in Q1.

Taiwan’s Economy Falls Into Recession as Global Demand Dries Up - Bloomberg

South Korean went into it deeper

 

[MH.Yang]

Taiwan went into recession in Q1.

Taiwan’s Economy Falls Into Recession as Global Demand Dries Up - Bloomberg

The Toyota Bz4x sold for $53000 in Taiwan, just surpassing the Tesla Model 3 to become the new energy vehicle sales champion.

The same car sells for $21000 in China, but it cannot even enter the top 20 in sales.

 

[Viet]

The Toyota Bz4x sold for $53000 in Taiwan, just surpassing the Tesla Model 3 to become the new energy vehicle sales champion.

The same car sells for $21000 in China, but it cannot even enter the top 20 in sales.

That’s because heftig competitions in China. 40 carmakers or importers are too much. 10 is ok. Elon Musk will sell Tesla for free or no profit just keep the market share.

 

[MH.Yang]

That’s because heftig competitions in China. 40 carmakers or importers are too much. 10 is ok. Elon Musk will sell Tesla for free or no profit just keep the market share.

No, Taiwan does not have an automobile industry, and they prohibit any Chinese cars from entering the market.

In Taiwan, any car is very expensive. Because Taiwanese people have no choice.

By the way, Tesla will sooner or later face dumping charges in China due to the recent malicious price war.

 

[REhorror]

Hmm, I thought Taiwan has already surpassed S. Korea GDP per capita since 2021?

Anyway, the number is fucky with all the changes in exchange rates.

 

[Viet]

No, Taiwan does not have an automobile industry, and they prohibit any Chinese cars from entering the market.

In Taiwan, any car is very expensive. Because Taiwanese people have no choice.

By the way, Tesla will sooner or later face dumping charges in China due to the recent malicious price war.

That’s no dispute. I mean cars in China are cheaper because of competitions. TW as you say it has less competitions plus prohibited high taxes. I don’t know that TW forbids chinese cars? Really?

 

[Mista]

Taiwan always had higher GDP PPP per capita. It's just that they had an undervalued currency and thus lower nominal GDP per capita.

 

[StraightEdge]

South Korean went into it deeper

Not exactly recession, but hardly growing at all.

South Korea’s economy barely avoids recession amid rocky outlook | Business and Economy | Al Jazeera

 

[MH.Yang]

That’s no dispute. I mean cars in China are cheaper because of competitions. TW as you say it has less competitions plus prohibited high taxes. I don’t know that TW forbids chinese cars? Really?

Yes.

In fact, cars in Vietnam are also very expensive, aren't they? That's not because Vietnam's market is not important, but because Vietnam's automotive industry is weak.

Although the Vietnamese automotive industry is only weak, it is not without it, so your prices are much better than those of Taiwanese people.

 

[jhungary]

The Toyota Bz4x sold for $53000 in Taiwan, just surpassing the Tesla Model 3 to become the new energy vehicle sales champion.

The same car sells for $21000 in China, but it cannot even enter the top 20 in sales.

they are different versions....

The one that sold in China for <200,000 RMB is the FF non-extended range version, The extended range version of Toyota Bz4X is selling for 230,000 RMB with FWD, and 290,000 for AWD (almost 40,000).

The one sold in Taiwan is a special FWD extended range version that limited 300 unit per year, and they are selling for 1.5 million NTD ($48000).

On the other hand, it's different market in China and Taiwan, I mean how many Chinese would go get a 300,000 Yuan car when BYD is anywhere between 40-80% of the price. Most other country don't care about price and that amount is quite reasonable in TW, infact that price should be even cheaper than Tesla 3 in Taiwan

 

[MH.Yang]

Taiwan always had higher GDP PPP per capita. It's just that they had an undervalued currency and thus lower nominal GDP per capita.

Calculate the ratio of Taiwan's government revenue to Taiwan's GDP. It is easy to know that Taiwan's GDP is actually GNP, or at least three times exaggerated. By comparing their data with the ratio of government revenue to GDP in countries such as Germany and the USA, you can see how absurd Taiwan's data is.

 

[Viet]

Yes.

In fact, cars in Vietnam are also very expensive, aren't they? That's not because Vietnam's market is not important, but because Vietnam's automotive industry is weak.

Although the Vietnamese automotive industry is only weak, it is not without it, so your prices are much better than those of Taiwanese people.

Expensive today but will be much cheaper soon because Vietnam will lower car import taxes and other taxes to 0 for cars made in Asean and EU. Don’t know other pacts probably will apply the same policy. Vietnam has free trades with Asean and EU.

Vietnam gdp per capita is above 4K. Still low. Not many people can afford cars.

I don’t know if we are better off than Taiwan. VN has Vinfast, Thaco as major domestic car manufacturers.

 

[MH.Yang]

they are different versions....

The one that sold in China for <200,000 RMB is the FF non-extended range version, The extended range version of Toyota Bz4X is selling for 230,000 RMB with FWD, and 290,000 for AWD (almost 40,000).

The one sold in Taiwan is a special FWD extended range version that limited 300 unit per year, and they are selling for 1.5 million NTD ($48000).

On the other hand, it's different market in ，China and Taiwan, I mean how many Chinese would go get a 300,000 Yuan car when BYD is anywhere between 40-80% of the price. Most other country don't care about price and that amount is quite reasonable in TW, infact that price should be even cheaper than Tesla 3 in Taiwan

I've already told you it's the sales champion, but are you still saying it's limited to 300 units?

Any car in Taiwan is very expensive, with Model 3 priced at $28000 in China and $60000 in Taiwan.

I hope you have at least honesty.