The potential of the Hispanic market for Taiwan
Most Taiwanese companies are focused on the APAC, US, and European markets, forgetting the potential of the Spanish-speaking market, both in Spain and Hispanoamerica. It is a market of more than 680.000.000 million people. Taiwanese companies are struggling in markets where competition is fierce, leaving the Hispanic regions as a niche market for only a few that have recognized the sales opportunity in a potential market. It is a niche, yes, but a huge niche market as we will see below that most are unaware of. In spite of being a market of great potential, it is a great unknown for most Taiwanese companies, probably due to factors such as lack of knowledge of the Spanish language, lack of knowledge of the culture, or a totally wrong image of poverty in regions that have a nominal GDP of more than 1,2 billion USD as we can see in the graph below. Sectors such as livestock, agriculture, mining, oil, gas, and tourism, among others, are capable of absorbing the export of Made in Taiwan