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.
