一般臺灣經濟史研究著作的普遍印象均以為臺灣水泥對外輸出始於1950年代,但本研究指出早在1930年代臺灣水泥即已大量外銷至中國大陸華南地區。而輸出的原因有二,一為經濟大恐慌期間日本本土水泥資本將臺灣當作日製水泥傾銷地,排擠臺灣製水泥市場,以致臺灣水泥必須另外找尋市場。其次則為華南當地水泥產量亦不敷所需,故需要從外地進口。由此可知,日治時期影響臺灣水泥輸出有來自日本水泥產業資本的推力,也有來自外部市場的拉力。至於在銷售的區域分佈方面,臺灣水泥輸出主要在華南的廣東、福建、香港等地,但在1931-1937年間受到經濟不景氣、當地抵制日貨運動,以及中國官方提高關稅等影響,其運銷量在1932-1933年間達到最低潮,1934年後雖有回復,但中日戰爭前夕又告衰退。不過,仔細分析華南各區域的臺灣水泥銷售情形,卻又可發現,如廈門、汕頭等地區,因為1930年代臺灣往上述地區航線的水泥船運費用下降,多少彌補了因中國保護政策導致臺灣水泥在當地運銷的劣勢。總之,本研究認為,中日戰爭爆發前,臺灣的水泥產業形成一多重的區域交易圈體制:日本水泥資本一面在臺灣投資設廠,一面又將中國東北、日本九州的水泥銷往臺灣。同時,臺灣水泥也往華南銷售,甚至反向輸入至中國東北等地區。這個交易圈體制跨越日本經濟圈及中華經濟圈的邊界地帶,顯示了其結構的複雜性。
Although conventional wisdom in the study of Taiwanese economic history suggests that Taiwan's overseas cement trade began relatively late in the 1950's, in fact the Taiwan cement industry engaged in large-scale maritime trade with South China during the early 1930's. This form of cement trade with China began when Japan's cement industry dumped products into Taiwan during the Great Depression. This caused Taiwanese cement producers to be squeezed out of the local market, and to search for new markets for their products. At the same time, the South China region was suffering a shortage of cement and desperately seeking new forms of import trade. Because of these two factors, the Taiwan cement export trade was pushed outwards by Japanese enterprise while also being drawn in by overseas demand during the latter period of Japanese colonial rule. The trade regions of the Taiwan cement industry in South China covered Fujian, Guangdong, Hong Kong, etc. However, sales volume fell sharply during from 1931 to 1937 due to the influence of the Depression, the movement to boycott Japanese products in China, and the protective tariff policy of the Chinese government. Although the cement trade recovered after 1934, it dropped again on the eve of the Sino-Japanese War. However, a thorough investigation of the data reveals that lower marine charges at some important ports in South China, such as Xiamen and Shantou, redeemed the trade lost in 1930's due to high import tariffs. In conclusion, the Taiwanese cement industry became gradually involved in multiple economic regions before the Sino-Japanese War. Japan's cement industry not only invested in factories in Taiwan, but also brought in large amounts of cement products from Manchuria and Kyushu. Meanwhile, Taiwan cement products were sold to South China, and even exported to Manchuria in reverse. The scale of multiple economic regions, including Japan's economic region and marginal markets of China's economic region, reveals the complexity of the cement trade's structure.