Taiwan's Opportunity Under China-U.S. Trade War Crossfire in 2019
2020/01/10 | By CENSRedirected orders thanks to the China and U.S. trade tensions
The chairman of Taiwan Hand Tool Manufacturers' Association (THTMA) Huang Hsin-te pointed out due to the impact brought on by the China-U.S. trade war, the export value in the hand tool industry increased by NTD$3.2 billion from January to August in 2019, combined with a growth of 4.1% compared to the same period in 2018. He also cited 2018 statistics that hand tool exports from China was ranked first, followed by Taiwan in second. However, since the China-U.S. trade war began, Chinese goods was imposed with 25% taxes, prompting buyers to order goods from Taiwan, with the latter becoming the biggest winner in the trade war.
Previously, President Tsai Ing-wen attended the General Assembly of THTMA, saying that investment from hand tool giants is heated -- two companies have been vetted and two companies are still in the application process. Total investments are estimated at approximately NTD$3 billion. She pointed out that Taiwan's hand tool industry is recognized among the top best worldwide, cementing its status as a hidden champion. In 2018, the export value of hand tools was ranked third in the world, with an approximately 2% increase and even a growth of 5.58 percent in the first half of 2019 compared to the previous year, which made a great contribution to boost Taiwan's economy.
National Hardware Show
The National Hardware Show (NHS) 2019 kicked off from May 7th to May 9th at the Las Vegas Convention Center in Nevada. Taiwan's hardware tools have always been regarded as the top choice among global key buyers, as the products are innovative and come patent-certified, making them highly sought-after by buyers who want the complete package.
Last year's NHS saw a huge attendance from over 2,500 exhibitors and 28,000 visitors. The show was organized into 12 exhibition areas, including the world's leading professionals such as 3M, The Scotts Co., Louisville Ladder, Hamilton Beach. Notably, NHS set up a new area called “Tiny Living,” which gathered small living structures including miniature houses on wheels, modular construction, park model RVs, and container homes. The tiny living trend has made a substantial impact on the market.