Taiwan Machine Tool Exports Surge Nearly 63% from 2010
26 September 2011
Taiwan exported US$870 million worth of machine tools in the first quarter of 2011, which represented a staggering 63.3% year-on-year growth. That’s according to customs-cleared statistics compiled by the Taiwan Machine Tool Foundation (TMTF). Of the total, the first-quarter exports of metal-cutting machine tools came to US$703.41 million, up 69.2% YOY. The total for metal-forming machine tools, meanwhile, amounted to US$166.59 million, up 42.4%.
China and Hong Kong ranked first together accounting for US$369.41 million worth of machine tools up 58.2% from 2010 and accounts for 42.5% of the total exports. Second place went to the United States with US$61.06 million, up 141.6% and commanding 7%. Turkey came in third with US$41.14 million. Other major export destinations included Thailand, Brazil, India, Germany, Malaysia, Indonesia, and South Korea.
According to the TMTF, Taiwan’s machine tool industry currently has the highest production among all categories in the machinery industry. What is more, 75% of the island’s machine tool production goes to the export market. Taiwan’s machine tool production reached US$4.8 billion in 2008 and exceeded South Korea for the first time since 2004 to become the fifth largest machine tool export country, following Japan, Germany, China, and Italy.
As the demand of the emerging Asian markets for national economic construction continues to increase, Taiwan’s machine tool exports to the global market is forecast to expand from US$4 billion in 2011 to US$7 billion in 2015, at which time the island will have a chance to play for the number 3 spot in the world.