The manufacturing sector continued to flash “blue” last month, indicating a contraction at a time when the local economy remains in the doldrums, the Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) said yesterday.
It was the eighth consecutive month in which the TIER-compiled composite index for the local manufacturing sector was “blue,” although the index showed signs of recovery.
Last month, the composite index of the local manufacturing sector stood at 10.35 points, which remained in the “blue” range of below 10.5 points, but last month’s figure was 0.22 points higher than October, the TIER said.
The institute uses a five-step system to describe economic activity, with “red” indicating overheating, “yellow-red” showing fast growth, “green” representing stable growth, “yellow-blue” signaling sluggish growth and “blue” indicating a contraction.
The TIER said that as international crude oil prices remained low amid falling international demand, Taiwan’s mineral product exports have fallen at a double-digit pace, while some petrochemical production lines have been closed for annual maintenance, affecting oil product sales accordingly.
The think tank said that the weakness of the international oil market has prompted many downstream petrochemical firms to put their purchasing plans on hold, hoping to take advantage of even lower oil prices, which has further impacted the local petrochemical industry.
PETROCHEMICAL SECTOR
The sub-composite index of the local petrochemical sector remained “blue,” the think tank added.
The sub-composite index for the local machinery sector continued “yellow-blue” last month since demand from China and the ASEAN market remained slow, the TIER said.
Last month, the sub-composite index for the local electronics component industry flashed “blue,” compared with “yellow-blue” a month earlier, due to continued inventory adjustments, the TIER said, adding that the year-end shopping season failed to turn the situation around.
The TIER said that the sub-composite index for the local computer, electronics and optoelectronics sector also fell last month to “blue” from the “yellow-blue” that was seen in October.
The sector remained weak amid lingering falling international demand.
The think tank said that the sub-composite index for the local automaker and auto parts sector maintained “yellow-blue” last month on the back of strong demand for auto parts from the US and Chinese markets.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last