Since the mid-1950s, the economies of Korea and Taiwan have achieved remarkable results, with annual growth rates of ten percent not unusual in some years. During the past couple of decades, they have relied heavily on export trade, particularly with the United States, to maintain rapid growth rates and continued economic development. In 1988, for example, Korea and Taiwan enjoyed a combined trade surplus with the United States of $21.6 billion on total trade of $68.4 billion.
Clyde D. Stoltenberg,
Overview: U.S.-Korea and U.S.-Taiwan Trade Law Issues in Comparative Perspective,
Mich. J. Int'l L.
Available at: https://repository.law.umich.edu/mjil/vol11/iss2/1