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After cheap gifts this Christmas? Here's where to go…

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If you've got a pile of stockings to fill this Christmas, shopping in Taiwan could result in hefty savings, according to new survey of the world's ultimate holiday shopping destinations.

Online accommodation reservation website Hotels.com, which compared the cost of 13 popular products available in 29 countries across the world ranging from iPad Air and "How I Met Your Mother" Season 7 DVD set to a Barbie Dreamhouse, found the basket of gifts was cheapest in Taiwan, followed by Japan and Argentina.

(Read more: Blue Christmas for retail? )

The group of items totaled $1,466 in Taiwan, $2,062 in Japan and $2,070 in Argentina.

Meanwhile, Brazil had the most expensive shopping basket at $4,733 - significantly higher than the global average of $2,926.

(Watch this: Cutting back on Christmas?)

According to research firm Euromonitor, a growing trend within Latin America is purchasing products from overseas, either by shopping online or traveling.

In Paraguay, for example, thousands of shoppers cross the Argentinian border to buy wine, cider, sweet bread, confetti and Christmas-styled decorations where they are 80 percent cheaper, according to media reports.

However, this trend is less prevalent in North America where the majority of shoppers prefer to purchase gifts domestically in order to support the local economy and find unique products.

The holiday season is a critical period for retailers in the U.S. and Canada, accounting for as much as 20-40 percent of annual sales in the former, Euromonitor said.

(Read more: Opinions are split on retail outlook this holiday season)

—By CNBC's Ansuya Harjani; Follow her on Twitter: @Ansuya_H

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