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IC Sector Strengthens Oct. Industrial Production Index

Nov 24, 2020 | By CENS

Image Taken from the Economic Ministry Department of Statistics.Image Taken from the Economic Ministry Department of Statistics.
The October industrial production index increased 7.06% YOY, according to the Dept. of Statistics under the Economic Ministry on Tuesday, reaching 122.0, a second-record high in terms of monthly indexes.

The latest figures signal consecutive 9-month growth. Statistics Dept. head Huang Wei-chieh said the number of national holidays last month contributed to a slightly lower index than September. He cited a well-performing IC industry that helped stem the losses and buoy the industrial production index.

Also, the manufacturing industry reached a second-high in terms of ratio weight at 123.4. The department estimated November's index could continue to perform favorably, going between 5.8% and 9.0%, making a ten-consecutive growth.

The department statistics report a 147.56 manufacturing index for the electric parts and components sector, also a record-second high, marked a 16.93% YOY increase, and an 11-month double-digit consecutive growth. Huang cited demand for consumer electronics and remote-working applications and equipment, buoying growth.

For traditional industries, chemicals and petrochemicals saw growth due to the increased demand downstream for pandemic-related products. Manufacturing index ranked at 109.5, a record YOY high with an 8.95% YOY growth. Metals enjoyed a comeback with adjusted global steel prices and a growing downstream demand, marking an index at 100.0 and a YOY increase of 7.52%.

Due to national holidays, the machinery industry saw a slight slump compared to last year. The pandemic has also cut into production and demand for machine tools, lathes, semiconductor equipment orders, and delivery. The October index signaled 101.6, a slight YOY decrease, though the Department of Statistics estimates a possible comeback or a less significant slump in November.


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