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Machinery Expecting 10% of Growth in 2020

Jan 20, 2020 | By CENS

The U.S.-China trade friction is about to come to an end. Chairman of the Taiwan Machinery Association Alex Co, pointed out that this year, with the effect of the second production base in Southeast Asia gradually growing, it is expected that the prosperity of the machinery industry will pick up month by month from the end of the first quarter, hoping to return to positive growth, with an increase of 5 to 10 percent.

The Taiwan Machinery Association released statistics on machinery and equipment exports last year. Photo provided by UDNThe Taiwan Machinery Association released statistics on machinery and equipment exports last year. Photo provided by UDN
The Taiwan Machinery Association released statistics on machinery and equipment exports last year. The cumulative export value was 27.8 billion U.S. dollars, a 7.6 percent decrease from 2018. If it is priced in NT$ 86.1 billion, the annual decrease is at 5.7 percent, a preliminary estimate of the total output value of Taiwan's machinery industry last year still maintained at NT$1.1 trillion.

Ko pointed out that the industry is currently taking orders in the first quarter of this year. What is worrying is that the new Taiwan dollar against the US dollar is still a strong currency compared to the Japanese yen, South Korean won and the euro against the US dollar. The appreciation of the Taiwan dollar has eaten away the profits of the industry.

The export growth market last year was only 4.2% in the United States, 12% in Singapore, 10% in the Netherlands, and 12% in Russia.

Further analysis showed that exports last year decreased by US $ 2.3 billion compared with 2018, with mainland China accounting for the most 63%, Hong Kong accounting for 7%, South Korea accounting for 9%, and Turkey accounting for 6%.


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