Taiwan's machinery exports up 24.3% in first 7 months

Taipei, Aug. 17, 2004 (CENS)--Taiwan exported US$6.776 billion worth of machinery in the first seven months of this year, up 24.3% from the corresponding period of last year, according to statistics compiled by the Taiwan Association of Machinery Industry (TAMI).

If measured by the New Taiwan dollar, Taiwan's machinery exports amounted to NT$226.5 billion in the first seven months of this year, up 20% from the like period of last year. TAMI vice president Wang Cheng-ching noted the substantial export growth was mainly contributed by such product categories as machine tools, special-purpose machines, pumps, valves, fans, and plastic and rubber processing machines.

On another front, Taiwan's machinery imports came to US$9.18 billion in the first seven months of this year, up 49.5% from the same period of last year. If calculated in the N.T. dollar, the imports totaled NT$307.7 billion, up 44.3% a year earlier. TAMI analyzed that the substantial growth in imports was mainly contributed by such high-tech industries as semiconductors, and liquid crystal display, which strongly demanded advanced foreign- made production equipment.

TAMI's Wang said there are two factors influencing the development of the domestic machinery industry, including the price hike and unstable supply of iron and steel, and the appreciation of N.T. dollar against the U.S. greenback. Wang noted the average exchange rate hit NT$33.43 against one U.S. dollar in the first seven months of this year, an increase of 3.5% from the same period of last year.

Despite the disadvantageous operating factors, many domestic machinery manufacturers said they have to work overtime to meet the influx of foreign orders because they would see their production lines fully occupied by orders in the fourth quarter.