Machinery exports increase 37.4% year-on-year

  • By Lisa Wang / Journalist

Machinery exports rose 37.4% year-on-year to a record $ 2.97 billion last month, with the strongest growth in machine tools, statistics compiled by the Taiwan Association showed yesterday. of the machinery industry.

This is the 12th consecutive monthly growth since September of last year, the association said in a statement.

Machine tool exports jumped 62% year-on-year to $ 260 million last month, the fastest growth since the start of a US-China trade dispute.

Photo: Lin Jin-hua, Taipei Times

Exports of electronics manufacturing equipment climbed 58.4 percent annually to $ 461 million, making it the largest contributor to overall machinery exports, statistics show.

Inspection tools came second with exports of US $ 396 million, with machine tools in third, according to the data.

In the first eight months of the year, machinery exports jumped 29.3 percent annually to $ 21.52 billion, according to statistics.

Despite the strong growth, the association said a rising trend in the New Taiwan Dollar against major world currencies has put Taiwanese manufacturers at a disadvantage against their peers in Japan, South Korea and China.

The NT dollar has appreciated 2.93 percent against the US dollar since the start of this year, compared to a 0.98 percent increase against the yuan, the statement said.

The yen fell 6.79%, while the won depreciated 7.13%, the association said.

Exchange rate differences hurt the price competitiveness of local manufacturers by about 10 percent, the association said.

He urged the government to act quickly to help local businesses fend off competition from their competitors.

In addition, local machinery companies are facing increased manufacturing costs, he said.

Shipping costs have been increased eight to ten times due to the global COVID-19 situation, while commodity prices are also on the rise, with steel prices climbing 40% so far this year, the association said.

The congestion in the ports made the situation worse, he said.

However, demand looks healthy this year and next, the association said.

Machinery exports are expected to continue to grow this year, he said.

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