By Lisa Wang / Staff Reporter
Russia’s invasion of Ukraine last month affected $6.9 million in machinery exports, and the effects of the conflict could worsen as the United States and its allies toughen sanctions on Moscow , the Taiwan Machinery Industry Association (TAMI, 台灣機械公會) said yesterday.
Local machinery makers exported $276 million in goods to Russia last month, accounting for just 0.8 percent of total machinery exports of $2.62 billion, according to TAMI data.
Machine tool makers were hit the hardest, as about $100 million of exports were machine tools, making Russia Taiwan’s fourth-largest export destination, TAMI said.
About 60 machine makers were affected by the invasion, he added.
The association said its members have been warned not to take new orders in light of soaring raw material costs and energy prices due to the war.
Transportation costs remain high, he added.
Last month, machinery exports rose 28% year-on-year to $2.62 billion, the best February figure in about three years, TAMI said.
It also marked the 18th straight month of growth since September 2020, he said.
On a monthly basis, exports of mechanical goods fell about 13% from a peak of $3.01 billion in January, mainly due to fewer working days last month due to holidays. Lunar New Year, TAMI said.
In the first two months of this year, machinery exports rose 19.4 percent to $5.63 billion, he said.
Exports of electronic equipment jumped 31.5% to $830 million, making it the biggest contributor to total machinery exports from January to February.
Inspection equipment came next with exports of $674 million in the first two months, down 1.3% from the same period last year.
This was followed by exports of machine tools, which rose 21.7% year-on-year to $454 million, according to TAMI data.
The United States was the top export destination during the period, followed by China and Japan, the association added.
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