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Taiwan's Machinery Exports Rise 9.1% YoY in Q1

Apr 18, 2014 | By Ken Liu

Taiwan's machinery exports up 9.1% YoY in Q1, 2014. Taiwan's machinery exports up 9.1% YoY in Q1, 2014.

In the first quarter of 2014, Taiwan shipped US$4.6 billion worth of machines, up 9.1% year on year, according to the Taiwan Association of Machinery Industry (TAMI), which represents over 2,000 machinery makers across the island.

The export revenue included the US$1.8 billion generated in March, up 7.89% year on year.

When denominated in the New Taiwan Dollar, the March exports were NT$55.7 billion, up 14.2% year on year, while the first-quarter exports were NT$141.7 billion, surging 12.3%.

TAMI Chairman H.T. Hsu and the organization's president, C.C. Wang, all attribute the brisk exports mostly to pent-up demand from Europe and America, whose economies are gradually emerging from global recession.

Based on the bright first-quarter exports, Hsu  projects the island's machinery industry to generate 10% higher revenue in both production and exports this year from last year, with production revenue likely to reach NT$1 trillion (US$33.3 billion).

Nonetheless, he also worries about the competition between Taiwan and South Korea. Since August last year, South Korea has outperformed Taiwan in machine-tool exports to the United States with higher revenue. In the first two months of this year, Taiwan's exports of machine tools to the United States dropped 19% year on year.

Without free trade agreement (FTA) with its major trade partners, Taiwan now pays 4-5% of tariff on machine-tool exports to the United States and around 2.7% to the Europe Union. South Korea's machine tools go to major markets duty-free.

By the end of this year, South Korea is expected to sign an FTA with China, the world's No.2 economy, by the end of this year, further eroding Taiwan's competitiveness in the global machine-tool market.

TAMI urges the legislature to pass the service trade agreement the island has signed with China as soon as possible to facilitate Taiwan's negotiations with the mainland over commodity trade agreement, which allows over 600 types of Taiwan-made machine tools to go to China duty-free. (KL)

Taiwan's Machinery Exports (Jan.-Mar. 2014)
                                                   Unit:US$10,000
Ranking
Destination
Revenue
YoY Change (%)
1
Mainland China
117,963
0.1
2
U.S.A
82,649
21.3
3
Japan
32,032
18.3
4
Vietnam
16,420
29.2
5
Thailand
16,217
-18.6
6
Indonesia
14,694
-1.7
7
Germany
14,411
20.9
8
South Korea
12,386
15.8
9
The Philippines
9,896
54
10
Malaysia
9,764
6.3
11
Holland
9,500
23.4
12
Singapore
9,496
9.4
13
Turkey
9,162
20.9
14
India
9,078
-17.8
15
England
6,920
19.8
16
Russia
5,865
7.5
17
Brazil
4,752
2.7
18
Mexico
4,621
-1.4

Others
83,446

Total
469,270
9.1
Source: TAMI, Customs Office


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