Taipei Sept. 27 (CNA) The Ministry of Economic Affairs (MOEA) reported on Friday that the production value of the local contact lens sector is expected to reach a record NT$11 billion (US$333.57 million) this year.

In the first seven months of the year, the value of production in the sector reached NT$6.4 billion, up 12.8 percent from a year earlier, the MOEA said.

Last year, production value increased to NT$9.9 billion, almost double the NT$5.1 billion in 2011, according to the ministry.

As a result of the industry's rapid growth, several local companies have invested in the sector, including Largan Precision Co. (大立光), Pegatron Crop. (和碩) and BenQ Materials, a ministry official said.

According to the MOEA, the local eyewear industry reached a new high of NT$22.6 billion in value last year, while the contact lens sector accounted for 43.8% of the total.

In addition, exports of Taiwan's contact lenses reached about NT$156 million in the first eight months of the year, up 18.7 percent on a year earlier.

Exports to Japan accounted for 70 percent of total sales, followed by China, which accounted for 10 percent.

(By Huang Chiao-wen and Maria Tsai)
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