The first agreement under the U.S.-Taiwan Initiative on 21st Century Trade was signed on June 1, 2023, and entered into force on December 10, 2024. Pursuant to section 6(d) of the United States-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act (Act), the U.S. Trade Representative submitted to Congress a report on Taiwan’s implementation of the first agreement. Pursuant to section 6(d)(3) of the Act, the report is available here.
Taiwan Trade Summary
U.S. goods and services trade with Taiwan totaled an estimated $185.7 billion in 2024, up 22.0 percent ($33.5 billion) from 2023.
U.S. total goods trade (exports plus imports) with Taiwan was an estimated $158.8 billion in 2024. U.S. goods exports to Taiwan in 2024 were $42.5 billion, up 6.5 percent ($2.6 billion) from 2023. U.S. goods imports from Taiwan in 2024 totaled $116.3 billion, up 32.4 percent ($28.5 billion) from 2023. The U.S. goods trade deficit with Taiwan was $73.7 billion in 2024, a 54.1 percent increase ($25.9 billion) over 2023.
U.S. total services trade (exports plus imports) with Taiwan totaled an estimated $26.9 billion in 2024. U.S. services exports to Taiwan in 2024 were $13.7 billion, up 10.1 percent ($1.3 billion) from 2023. U.S. services imports from Taiwan in 2024 were $13.2 billion, up 9.9 percent ($1.2 billion) from 2023. The U.S. services trade surplus with Taiwan $494 million in 2024, a 13.8 percent increase ($60 million) over 2023.
