Taiwan is a major economic and trade power and a significant U.S. trading partner. Taiwan’s 2002 GDP was $289 billion, and its total trade (exports plus imports) was $243.2 billion. Total U.S.-Taiwan trade in 2002 was $50.6 billion, making Taiwan the 8th largest U.S. trading partner (the U.S. was Taiwan’s largest trading partner). U.S. exports to Taiwan in 2002 were $18.4 billion (making Taiwan the 9th largest U.S. export market), while U.S. imports from Taiwan were $32.2 billion (the 8th largest source for U.S. imports).