Hand tool exports for last year are expected to hit a new high, the Ministry of Economic Affairs said yesterday.
Since 2017, hand tool exports have accelerated thanks to rising commodity prices and a global economic recovery, with shipments growing 3 percent year-on-year to US$3.52 billion in the first 11 months of last year, according to the Department of Statistics.
Hand tool exports in 2017 rose 10.5 percent annually to US$3.76 billion, their highest level since 2003, the ministry said, adding that more than 70 percent of hand tools were exported overseas.
With global momentum remaining mostly intact, last year’s numbers could exceed those of the previous year, the department said.
As of the end of November, 74.5 percent of bulk shipments were simple, manually powered tools, while pneumatic and electric-powered tools — high-margin segments — accounted for 19.6 percent and 5.9 percent respectively, the department said.
The US — Taiwan’s largest market — accounted for 33 percent, or US$1.16 billion, of hand tool exports as of the end of November, followed by China and Hong Kong at 12.9 percent, or US$455 million, it said.
Although hand tool exports are expected to be affected by ongoing US-China trade tensions, Taiwanese suppliers have remained optimistic over the possible spillover effects as customers around the globe begin to shift production out of China to avoid tariffs, department Deputy Director-General Wang Shu-chuan (王淑娟) said.
Top Taiwanese suppliers have stepped up investment in automation to tap into efficiency gains and higher product tiers, she said.
Taiwanese hand tool makers have established an industry hub in Taichung and Changhua County, with 2,166 companies employing about 46,000 workers as of the end of 2016, the department said.
The industry is an important pillar of the nation’s small and medium enterprises, with many companies having fewer than 20 employees, the department said.
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