2014 Taiwan Industrial Outlook - Food Industry

The food industry is critical to the people's livelihood and acts as a key indicator to the country's economic development and living standards. Rapid globalization and increasing market competition mean that it is important to seize advantages in the domestic market and expand business opportunities around the world have in order to develop the Taiwan food industry. In 2013, Taiwan food industry (inclusive of the tobacco industry) was worth a total of 641.2 billion NTD, comprising 4.6% of overall manufacturing output value. Currently, Taiwan's food imports come from at least 157 countries and regions around the world, indicating increased diversification of food import sources. Management of food imports will thus become more stringent. After the financial crisis, Taiwan food exports saw continuous growth for three consecutive years, reaching a new height of 90.1 billion NTD in 2012. However, the edible oil scandal resulted in a slight decrease in exports to 84.7 billion NTD in 2013, making up only 0.95% of Taiwan's total export value. From the perspective of long-term developments in the food industry, every unit involved should strive towards development strategies for improving exports and export value as well as increasing global competitiveness.