The production value of the nation’s manufacturing sector increased for a seventh consecutive quarter last quarter to NT$3.48 trillion (US$112.98 billion), with the strongest growth coming from the petrochemical and oil refinery segments on rising crude oil prices, the Ministry of Economic Affairs said yesterday.
It grew 9.05 percent from NT$3.2 trillion in the second quarter last year, marking the biggest annual growth rate since the first quarter of last year, the ministry’s statistics showed.
The petrochemical sector saw its production value increase 18.36 percent year-on-year to NT$500.68 billion, while the oil-refinery sector soared by about 33 percent to NT$240.47 billion, the data showed.
The output of electronic components, a major pillar of the nation’s manufacturing sector, expanded 5.96 percent to NT$922.38 billion, due to higher demand for advanced chips, DRAM chips and multilayer ceramic capacitors.
The output of semiconductors climbed 18.42 percent to NT$360.4 billion, but that of LCD panels declined 8.44 percent to NT$212.8 billion amid a decline in prices, data showed.
“The semiconductor segment’s strong growth was driven by new applications, such as artificial intelligence, Internet-of-Things and auto electronics applications, as well as facial and fingerprint recognition,” Department of Statistics Deputy Director-General Wang Shu-chuan (王淑娟) said.
Those applications would continue to drive growth in the local manufacturing sector for the remainder of this year, Wang said, adding that the uptrend in crude oil prices would continue to boost the petrochemical and oil refinery segments.
Smartphone launches by global vendors later this year are to boost demand for electronic components made by local firms, the ministry said.
Taiwanese manufacturers, such as contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電) and handset camera lens supplier Largan Precision Co (大立光), play key roles in the supply chains for Apple Inc’s iPhones and Android smartphones.
While manufacturing output in the second half of the year could decelerate due to a relatively high comparison base last year, it is forecast to post annual growth from NT$13.18 trillion last year, Wang said.
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