Taiwan’s economy grew by 8.16 percent in the third quarter

14. October 2021

Taiwan’s economy grew 8.16 percent in the third quarter of 2021, the highest since the fourth quarter of 2010, the government reported in late April. The result was 1.96 percent higher than the estimate of the Directorate General of Budget, Accounting and Statistics (DGBAS), according to the CNA news agency. The expansion of domestic production capacity and a continued high level of domestic investment, as well as higher-than-expected exports, were the main factors behind the increase in GDP. Many product categories from various sectors such as electronic products, motors, textile goods, children’s products and others that would require BSMI certification to be imported into Taiwan and sold there have seen increasing sales.

 

 

A week before the figures were announced at the end of April, the Taiwan Institute of Economic Research (TIER) issued its forecast for the full year 2021. The TIER, one of Taiwan’s leading expert committees, expects the economy to grow by more than 5 percent this year.

Throughout the Covid 19 pandemic so far, Taiwan’s economy has developed at a brisk pace. The current global shortage of semiconductors and chips for the automotive industry highlighted the Taiwan’s importance in the global electronics supply chain.

Certain products imported and sold into Taiwan must undergo what is known as BSMI certification. BSMI certification is mandated by Article 37 of The Commodity Inspection Act. The application for a BSMI certificate in Taiwan has to be submitted to the administrative authority of the Ministry of Economic Affairs in Taiwan “Bureau of Standards, Metrology and Inspection” (BSMI). If you still have any questions about the process or you would gladly like to have your product evaluated for BSMI certification compliance, please feel free to contact us at any time.

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