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Latest Figures of Taiwan Fasteners & Hand Tools Exports in 2023
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2024-02-21
According to International Trade Administration (ITA) of Ministry of Economic Affairs (Taiwan)'s newly released "Analysis of Taiwan's Exports from January to December 2023", Taiwan's fastener export from January to December 2023 amounted to approximately US$4.6 billion, down 25% year-on-year from the 2022 figure of US$6.14 billion. Exports of hand tools amounted to US$3.78 billion, down 18% year-on-year from US$4.62 billion in 2022. The margins of the export decline in both product categories deteriorated from the 2022 figures, mainly due to the impact of geopolitical conflicts, inflation, and slowing economic growth, which led to conservative orders from customers and thus affected export performance.
However, according to another " International Economic and Trade Situation Analysis Report for January-December 2023" published by ITA, S&P Global forecasts that the growth of global exports and imports will turn positive in 2024 at 5.4% and 6.7%, respectively, with major Asian countries such as China, S. Korea, Japan and Taiwan showing a more significant growing trend of over 5%. In terms of metal prices, due to the gradual realization of the benefits of production reductions by steel mills in the U.S., Europe and China, coupled with the increasing steel prices in Europe and the U.S., the Asian steel market is warming up, and iron and steel prices are expected to stop declining and rebound from the fourth quarter of 2023 onwards.
However, according to another " International Economic and Trade Situation Analysis Report for January-December 2023" published by ITA, S&P Global forecasts that the growth of global exports and imports will turn positive in 2024 at 5.4% and 6.7%, respectively, with major Asian countries such as China, S. Korea, Japan and Taiwan showing a more significant growing trend of over 5%. In terms of metal prices, due to the gradual realization of the benefits of production reductions by steel mills in the U.S., Europe and China, coupled with the increasing steel prices in Europe and the U.S., the Asian steel market is warming up, and iron and steel prices are expected to stop declining and rebound from the fourth quarter of 2023 onwards.
台灣
扣件
手工具
2023年
出口
分析報告
Taiwan
fastener
hand tool
year 2023
export
analysis report
