Taiwan’s machinery exports are estimated to grow 5 percent to 10 percent in 2018 on the back of better market sentiment, the Taiwan Association of Machinery Industry (TAMI) said on May 9.
“The growth momentum should be driven by increasing demand for machine tools and key components used in machinery equipment, such as ball screws,” TAMI Machine Tool Committee Chairman David Chuang said.
The industry has seen improving demand for machine tools in major markets this year, Chuang told a news conference in Taipei, referring to Turkey and India.
In the first quarter of 2018, machinery exports rose 18.3 percent to US$6.43 billion, with machine tool exports increasing 19.1 percent annually to about US$820 million.
The machinery industry, one of Taiwan’s trillion-dollar businesses, aims to add US$3.34 billion (NT$100 billion) in output every year, Taiwan media quoted TAMI Chairman Alex Ko as saying on May 9.
Within the next decade, the sector could generate production value of US$68.46 billion (NT$2 trillion) per year, Ko said at the opening ceremony of the Taipei Intelligent Machinery & Manufacturing Technology Show.
The production value of Taiwan’s machinery industry last year reached NT$1.1 trillion, with exports climbing 21.1 percent to US$25.6 billion, TAMI data showed. The industry, whose largest cluster surrounds Taichung’s Dadu Mountain, has created more than 300,000 jobs, the data showed.
The development of the machinery industry has been given priority as one of President Tsai Ing-wen’s policies to accelerate the transformation of the nation’s economic structure.
The Executive Yuan plans to create a machinery industry that is digitally interlinked and turn Taichung into a global hub for smart machinery.
The Taiwan External Trade Development Council (TAITRA) indicated on May 9 that it plans to expand the size of next year’s Taipei International Machine Tool Show to attract more foreign buyers. The event is next year expected to be Asia’s largest and the world’s third-largest trade show for machine tool manufacturers, said Thomas Huang, TAITRA Exhibition Department Executive Director, adding that about 1,450 companies would join the event.
Participants would use 7,000 booths to display their products at the show, up from 5,430 booths at the last event, Huang said.
The six-day event is to be held at the Taipei World Trade Center Nangang Exhibition Hall from March 4 to March 9, 2019.
Source: Taipei Times
Yihan Lin (firstname.lastname@example.org)