Exports of Taiwan machinery grew by 20% in Q1

Taipei, May 11, 2004 (CENS)--Taiwan exported US$2.74 billion worth of machinery in the first quarter of this year, up 20% from the corresponding period of last year, according to statistics compiled by the Taiwan Association of Machinery Industry (TAMI).

In terms of product categories, exports of machine tools hit US$460 million in the first quarter, up 37% from the same period of last year; that of valves and pumps scored US$220 million, up 27%; that of the plastic processing machinery reached US$200 million, up 24%; that of special-purpose machinery amounted to US$170 million, up 42%; and that of woodworking machinery hit US$150 million, up 15%.

In respect of export outlets, mainland China ranked first by absorbing US$1.01 billion worth of Taiwan made machinery in the first quarter of this year, up 20% from the same period of last year, followed by the U.S. with US$490 million, up 27%; Japan with US$150 million, up 4%. Other major export outlets included Thailand with an annual growth of 25%, Vietnam, declined by 5%; Malaysia, Germany, Indonesia, and Turkey saw growth of 18%, 34%, 13%, and 67%, respectively. Only Vietnam saw a decline of 5% in the same comparison period.

Taiwan imported US$3.87 billion worth of machinery in the first three months of this year, up 47% from the corresponding period of last year. In terms of product categories, special-purpose machinery grew by 40%, machine tools, 203%; valve and pumps, 23%; plastic processing machinery, 177%; and engines and components, 40%.

Japan ranked as Taiwan's No.1 machinery source in the first quarter of this year with an annual growth of 44%, followed by the U.S. with an annual growth of 95%, and Germany, up 26%.

The major issued faced domestic machinery manufacturers in the first quarter of this year included the appreciation of domestic currency against the U.S. greenback and the skyrocketed price of such raw materials as steel and cast iron, said Wang Cheng-ching, vice president of TAMI.

Wang said NT dollar appreciated 4% against the U.S. dollar in the first quarter of this year and the price of steel and cast iron shot up between 50% and 70% annually in the same period.