Taiwan's Fastener Export Shivers with 14% Slump for First Half 2020
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The coronavirus pandemic has triggered a decline in both Taiwan's fastener export volume and value for the first half of 2020. The volume reached merely 687.7 thousand tons, down 14% over the last same period; The export value only landed on USD 1.979 billion, down 14.69%, the lowest half-year performance since the financial crisis. What is in contrast and rare is that China's import of fasteners from Taiwan grew 10.2%. Mr. Tu-Chin Tsai, Chairman of Taiwan Industrial Fasteners Institute, says the orders redirected to Taiwan were the result of the increased demand in China and the sutdown of a portion of Chinese fastener production lines.
The Institute's survey reveals the fastener export in June nearing 110 thousand tons, higher than that in this April or May, but still 17% lower than the export volume last June. The export unit price for June was USD 2.88 per kilogram, down 0.28% from last June. Chairman Tsai thinks that the large decrease in fastener export was mainly due to the continuous spread of the pandemic in Northern America, which is the largest export destination for Taiwan's fasteners. In the first half of 2020, the American market declined 10.9% while the export to Germany and the UK also showed a declne of 21.3% and 32% respectively. He forecasts that the fastener demand in China for reconstuction after the current great floods will incease exponentially and will boost the fastener export of many Taiwanese fastener companies.