Taiwan has seen a substantial increase in its revenue in midst of a pandemic, thanks to the strong demand for its semiconductor and machinery exports. In the year 2021, as technology gets evolved the demand for such products is likely to increase.
So, the Taiwan-based machinery manufacturers are expecting to generate around NT$1.2 trillion or US$42.6 billion in output and US$30 billion exports in 2021. This a huge increase by 9% and 15% respectively year-on-year, hitting respective records, according Alex Ko, chairman of Taiwan Association of Machinery Industry (TAMI).
As reported by Digitimes, as a lot of manufacturers are relocating from China, including the Taiwan-based ones, have been relocating factories from China to Vietnam, India, Mexico and other countries due to the US-China trade disputes, boosting the demand for machinery.
According to TAMI, Taiwan’s machinery exports in January 2021 hit a monthly record of US$2.671 billion, growing as much as 2.8% sequentially and 33.4% on the year. Taiwan’s machinery manufacturers have already seen an increase in exports and domestic sales.
Many Taiwan-based manufacturers with factories in China have returned to Taiwan to set up production lines for high-end products. So, the year 2021 could end up on a positive note for Taiwan and the machinery production in the country.