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The island produces abundant food crops, although in recent years agricultural production has decreased due to rising costs and increased competition. Rice is the chief crop, followed by wheat, sugarcane, sweet potatoes, vegetables, fruits, and tea. The island has a sizable fishing fleet. Industry, once concerned mainly with rice and sugar milling, has diversified to include a variety of light and heavy manufactures, increased high-technology businesses, and a growing service sector. Manufacturing accounts for almost 40% of Taiwan's gross domestic product, while service industries contribute 60%.
Textile and food processing industries have been supplemented by the production of chemicals, steel, electrical appliances, petrochemicals, machinery, ships, cement, computers and electronics, pharmaceuticals, and communication systems. Most industries are privately run, but the government operates those considered essential to national defense, such as steel and electricity. Railroad and bus lines are also government operated. Taiwan trades chiefly with the United States, Japan, Europe, and China (through Hong Kong). Major exports are computers, electronics, and electrical products, machinery, clothing, textiles, and communications equipment; imports include nonelectrical and electrical machinery, petroleum, iron and steel, precision instruments, and transportation equipment.
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