The trade volume reflects the scale of trade between a country and different countries within a certain period. In a nutshell, it is the total amount of international trade conducted by each country with other countries within a certain period (total imports + total exports). The cross-border exchange of goods or services between countries not only helps adjust the economic structure of a country but also contributes to increasing revenue to the national treasury. This highlights the importance of international trade to a country!

According to statistics released by the WTO, in 2022, the trade volume of major countries ranked China as the world's number one with a trade volume of $6.31 trillion USD, the United States ranked second with $5.44 trillion USD, and Germany ranked third with a trade volume of $3.23 trillion USD. The other top 10 countries in terms of trade volume are the Netherlands ($1.86 trillion USD), Japan ($1.64 trillion USD), France ($1.43 trillion USD), South Korea ($1.42 trillion USD), the United Kingdom ($1.35 trillion USD), Italy ($1.34 trillion USD), and Hong Kong ($1.28 trillion USD).

The graph above illustrates the recent trends in Taiwan’s trade development. In 2017, Taiwan's trade volume was $576.9 billion USD, ranking 19th among major countries; in 2018, it increased to $622.2 billion USD, advancing to 18th place. In 2019, the COVID-19 pandemic hit the world, resulting in a noticeable stagnation in economic trade worldwide. Taiwan's trade volume also slightly declined to $614.9 billion USD, but still maintained the 18th position. In 2020, it rose to $631 billion USD, moving up to 17th place. In 2021, it surged to $827.9 billion USD, climbing to 16th place. In 2022, Taiwan's trade volume reached a new high in nearly 6 years, reaching $907.5 billion USD, although its ranking slipped by 2 positions to 18th place.

Taiwan is an island economy, and in the face of limited natural resources, foreign trade has become one of the pillars of its economic development. With the promotion of global emerging technology trends and continuous government efforts to promote economic transformation, this will help stabilize and develop Taiwan’s overall trade situation.