Since 1980, Taiwan has been the largest exporter of bicycles in the world. Most of the Taiwanese bicycles are manufactured in the Taichung region, which is the world leader in the production of bicycles. Throughout the 1980s, the Taichung region specialized in the production of low quality bicycles, which are exported at very competitive prices ranging from $40 to $50. The most important markets for Taiwanese bicycle exports are the United States, Japan, Britain, and Germany. Giant Manufacturing was founded in 1972 in Tachia, 20 kilometers from downtown Taichung, a port city in western Taiwan. The success enjoyed by Giant Manufacturing appears to be based on two management attributes: imagination to turn a problem into an advantage, and the ability to differentiate between a fad and an enduring shift in consumer demand. From its inception, Giant has been global. Therefore, exchange rate exposure has always been a problem.