Taiwan's machinery industry output forecast to grow 15% in 2022
Taipei, Feb. 22 (CNA) The production value of Taiwan's machinery industry is expected to rise about 15 percent in 2022 from the year before on the back of continued strong demand, the Taiwan Association of Machinery Industry (TAMI) said Tuesday.
Speaking with reporters, TAMI Chairman Larry Wei (魏燦文) said global demand is expected to keep rising this year as high-end precision and smart manufacturing continue to increase the need for manufacturers to upgrade.
The industry's production value for 2022 is expected to hit NT$1.5 trillion (US$53.96 billion), up NT$200 billion or about 15 percent from a year earlier, said Wei.
In addition, local machinery exports are also expected to grow 15 percent year-on-year in 2022, Wei forecast.
In 2021, the output value of Taiwan's machinery sector rose to NT$1.3 trillion, while its exports grew year-on-year by 27 percent to a new high of US$33.14 billion or about NT$921.3 billion. The industry's exports have been growing steadily over the past 17 months, providing more than 300,000 jobs.
The smart manufacturing trend means smart machinery is gradually replacing traditional machinery in the global manufacturing sector, which will provide a boost to the local sector as it meets growing demand, Wei said.
In addition, Wei said the COVID-19 pandemic had sent ripples into the supply chain in the global machinery industry with the importance of China's manufacturing having been undercut in the last two years, creating more business opportunities for Taiwanese manufacturers and raising production in Taiwan.
Talking about specific foreign markets, Wei said Taiwanese machinery suppliers had set their sights on the Turkish market, which has served as a springboard for Taiwanese exporters to the Middle Eastern and European markets.
In addition, Wei said he hoped tensions between Russia and Ukraine would ease because geopolitical chaos would affect demand in the global machinery market.
Alex Ko (柯拔希), head of a newly established business alliance dedicated to smart manufacturing in Taiwan, said he was upbeat about the local machinery industry and forecast that the output of the industry would move even higher to top NT$2 trillion in 2025.
The alliance, which was set up Monday, is made up of 30 machine tool manufacturers, including Victor Taichung Machinery Works Co., Taiwan Takisawa Technology Corp., and Tongtai Machine & Tool Co.
According to Wei, the output value of Taiwan's machine tools is expected to reach NT$108.2 billion this year.
For a better understanding about Taiwan's strength in machinery production, a joint trade exhibition organized by the Taipei International Machine Tool Show (TIMTOS) and Taiwan International Machine Tool Show (TMTS) -- the TIMTOS x TMTS 2022 -- opened at the Taipei Nangang Exhibition Center Monday and will run through Saturday.
China's provocation against Taiwan 'deeply destabilizing:' Blinken05/27/2022 12:42 AM
France selected as theme country at Taipei book fair for the fourth time05/27/2022 12:26 AM
COVID-19 death rate exceeding 0.1 percent a warning: health minister05/26/2022 11:36 PM
Self-health management rule for migrant workers to be relaxed from Friday05/26/2022 11:33 PM
Taiwan freedivers compete under 'Taiwan' at Caribbean Cup after protesting05/26/2022 10:09 PM