Global Fastener News

REPORT: Taiwan Fastener Exports Jump 30.9% in 2021

REPORT: Taiwan Fastener Exports Jump 30.9% in 2021
August 16
18:12 2021

Taiwan exports of bolts and nuts rose 30.9% to US$2.93 billion in the first seven months of 2021, according to the Ministry of Economic Affairs.

“The increase came as the US and Europe reopened their economies and many governments pushed infrastructure projects after reining in COVID-19 outbreaks,” the Taipei Times reports.

The U.S. was the main market for Taiwanese bolts and nuts, with US$1.23 billion in shipments, or 42% of total exports.

Taiwan was also the biggest exporter of bolts to the US, making up 37.5% of the market in the first six months of the year, followed by China with 16.2%, according to the Times.

“Due to the US-China trade war, Taiwanese bolts and nuts are gaining market share in the US, despite facing lower prices from Chinese competitors,” stated Department of Statistics Deputy Director-General Huang Wei-jie.

Production value increased 21.5% to US$2.08 billion in the first five months of the year, the Times reports.

Taiwan has more than 1,800 fastener manufacturers employing 39,000 people. More than half of those manufacturers are in southern Taiwan, while Kaohsiung has more than 700 factories.

The industry peaked in 2018, with exports of US$4.64 billion, but shipments declined by 6.9% year-on-year in 2019 and dropped another 8% last year due to the US-China trade dispute and the global downturn caused by the COVID-19 pandemic.

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