Industrial transformation becomes inevitable in 2023

Thanks to the recovery of economies after the pandemic has subsided, the first half of 2022 continued the robust market conditions of 2021 for machine tools with strong manufacturing production and investments as well as demands; however, in the second half of the year, because of the “Zero-COVID” policy in China, the prolonged effects of Russia's invasion of Ukraine, the rising prices of raw materials, the impact of inflation in various countries, and the energy crisis in Europe, many manufacturers postponed their investment plans or cut back on capital expenditures, which caused a slowdown in the growth of machine tool market demand in 2022. According to Customs data, Taiwan's total export value in 2022 was US$479.52 billion, an increase of US$33.15 billion or 7.4% compared to last year. In particular, the value of machinery equipment exports reached US$34.813 billion, representing a minor 5.1% growth over the same period in the previous year.

Meanwhile, the net zero emissions policy has also been adopted internationally: the European Union has announced that from October 2023, tariffs will be levied on imported steel and cement, as well as other highly polluting materials, in accordance with the Carbon Border Adjustment Mechanism. Similarly, once passed, the pending Clean Competition Act (CCA) in the U.S. would impose a carbon tax from 2024 at the earliest. As mentioned above, the US and Europe together accounted for 21.8% of Taiwan's total exports, therefore, the amount lost by Taiwanese manufacturers is likely to exceed more than US$100 billion.

Furthermore, to keep up with the global trend, the Legislative Yuan of Taiwan also passed the Climate Change Adaptation Act on third reading last March, announced the commitment to achieve a net-zero transition by 2050. Because of that, in this year, Taipei International Machine Tool Show, also known as TIMTOS, closely follows the industry trend of environmental protection and carbon reduction with the launch of the "ESG action" event. Apart from that, TIMTOS also aims to link up the global machine tool ecosystem and offer the latest models with diversified solutions to make metal processing smarter, more efficient, and more sustainable.

Exhibiting at Nangang Exhibition Center, Hall 1 & 2, and TWTC Hall 1 from March 6 to 11, TIMTOS 2023 will be the largest trade show ever recorded after Taiwan recently lifted all its border controls since the COVID-19 outbreak. With more than 1000 exhibitors in nearly 6,100 booths, the event has already surpassed the scale of 2022.

This year, Economic Daily News (CENS) will be at booth R0006, 4 floor, TaiNEX 2 provide buyers with “Taiwan Machinery”, “Taiwan Industrial Suppliers (TIS)”, “Taiwan Hand Tools” to facilitate buyers' prompt information on quality suppliers in Taiwan.