Taiwan May Not Be Able to Compete with China in Korean Fastener Market

Although the fastener export of Taiwan to Korea demonstrated a significant growth in 2014, the fastener export of China to Korea also demonstrated a significant growth and the sales were three times that of Taiwan. One analyst pointed out that after a free trade agreement between Korea and China was signed, Taiwanese suppliers in Korea may become less competitive than their  Chinese counterparts.

In the beginning of 2014, the export of Taiwanese fasteners (incl. steel nails) to Korea was in a significant growth. Taiwan exported 8,314 tons of fasteners to Korea in the first 3 quarters of 2014 (+62% over the previous year). Korea was in the 1st place in terms of the growth margin of Taiwanese fasteners exported to other countries. However, the average price dropped by 10.2% to US$2.741 per KG. In terms of the decline margin of average price for Taiwanese fasteners exported to other countries, Korea was also in the 1st place. As for China, its fastener export (incl. steel nails) to Korea in the first 3 quarters of 2014 amounted to 116,312 tons, up 31.9% from the last corresponding period and its average price dropped by 5.84% over the previous year to US$1.463 per KG.