January industrial production index shrinks 1.51 percent

02/24/2020 07:33 PM
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Image for illustrative purposes only / CNA file photo
Image for illustrative purposes only / CNA file photo

Taipei, Feb. 24 (CNA) Taiwan's industrial production index for January slid by 1.51 percent year-on-year to 105.58, the Ministry of Economic Affairs (MOEA) reported on Monday.

Of the various sub-indexes, the one for the manufacturing sector, which accounts for more than 90 percent of the total industrial production, contracted 1.28 percent annually, falling to 106.67, MOEA tallies showed.

Despite the decrease, the ministry remains optimistic about the outlook for the country's manufacturing sector, citing the easing of the trade war between the United States and China and the outbreak of the COVID-19 coronavirus.

These two factors have pushed overseas-based Taiwan businesses, mainly those operating in China, to return and invest in the domestic market, providing a boost to the local manufacturing sector, the ministry said.

On a monthly basis, January's industrial production index was 10.10 percent lower due to the Jan. 23-29 Lunar New Year holiday, while the sub-index for the manufacturing sector dipped 10.45 percent, MOEA data showed.

After seasonal adjustments, last month's industrial production index recorded a 4.18 percent increase month-on-month, while the manufacturing sub-index grew 5.2 percent.

In December, the industrial production index stood at 117.11, an annual increase of 5.99 percent, while the manufacturing sub- index rose 6.37 percent to 118.79, MOEA data indicated.

(By Flor Wang and Wu Po-wei)

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