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Machine tool industry association forecasts up to 30% growth next year

Source: Taiwantrade | Updated: 10 January 2022

The production value of the nation’s machine tool industry is forecast to grow by 20 percent to 30 percent on an annual basis next year, as local firms have better order visibility into the second quarter of next year, Taiwan Machine Tool and Accessory Builders’ Association chairman Habor Hsu said recently.

With a noticeable uptick in demand from the US and Europe this quarter, a production value increase of up to 30 percent is achievable next year, Hsu said.

Increased demand from the two markets would make up for softness in Chinese demand, he said.

However, high commodity prices are here to stay, Hsu said, anticipating that prices of raw materials would remain high for the next three years amid US-China trade tensions, the lingering COVID-19 pandemic and supply chain bottlenecks.

This year, the industry has faced challenges such as unfavorable exchange rates, logistics bottlenecks, and labor and component shortages, Hsu said.

From January through last month, machine tool exports totaled US$2.25 billion, up 27.6 percent year-on-year, data compiled by the Taichung-based association showed.

By product breakdown, exports of metal-cutting machines grew 27.4 percent year-on-year to US$1.86 billion, while metal forming machines rose 28.6 percent to US$381 million, association data showed.

Source: Taipei Times
Nina Lin (ninalin@taitra.org.tw)

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