This thesis estimates 10 countries’ multilateral exchange rate including China, Japan, Korea, Singapore, Philippines, Indonesia, Thailand, Malaysia, United states, and United Kingdom .We estimate the multilateral exchange rate based on using weighted exchange rate from calculating the population of export’s destination to total exports volume. We concern about how these countries’ multilateral exchange rate changes would affect Taiwan’s manufacturing industries exports by using general method of moments compared with fixed effect model. And with two different points of view, one of them is the overall effect and the other is Individual effect.The research data using annual panel data with period of 2004 -2013.We find that using general method of moments is more significant and more reasonable. The results is that when overall multilateral exchange rate lag one period appreciating let Taiwan’s manufacturing industries exports volume reduce 1.019%.For Individual effect when Korea, Singapore, Philippines, Malaysia, Thailand, Indonesia , and United Kingdom multilateral exchange rate appreciating let Taiwan’s manufacturing industries exports volume increase 0.768%, 2.916%, 1.772%, 1.105%, 1.203%, 0.639%,and 8.965%。In contrast, when China, Japan, and United states multilateral exchange rate appreciating let Taiwan’s manufacturing industries exports volume reduce 1.624%,and 0.704%, 1.203% .