Exports of Taiwan Machine Tool in 2021
In the face of the normalization of the pandemic, due to several issues, such as material shortage, manpower shortage, port congestion, and soaring sea freight, , which used to be cost and efficiency oriented, the global supply chain structure has changed to a safe and stable regional supply chain, and the industry's long chain has become a short chain in response to the rapidly recovering market demand. This wave of supply chain shift and restructuring is driving the global economy and trade, and driving a new wave of demand for machine tools. Mizuho Bank of Japan predicts that the global machine tool market will grow by 17.5% in 2021 compared to 2020, and that capital outflows from industries in North America and Europe will continue to grow, resulting in a steady recovery of machine tool orders in the global market.
Cumulative exports reached US$2.783 billion in 2021, up 29.1% from 2020.
According to the data provided by Taiwan Customs Administration, Ministry of Finance, analyzed by Taiwan Machine Tool & Accessory Builders’ Association (TMBA), Taiwan machine tool exports reached total US$2.783 billion in 2021, a 29.1% increase from 2020. Among them, metal cutting machine tool exports grew 29.2% to US$2.304 billion, while metal forming machine tool exports grew 29% to US$0.479 billion. The machine tool export value in December 2021 declined by 7.8% compared with November 2021, with metal cutting machine tool exports declining by 11.5% and metal forming machine tool exports growing by 11.2%.
In 2021, the major export type of metal cutting machine tool was Machining Centers, with an export value of US$941 million, up 34% from 2020; Lathes ranked second, with an export value of US$590 million, up 32.4% from 2020. As to the exports of metal forming machine tool, Forging and stamping machines was about US$378 million, an increase of 28.6% compared to 2020, please refer to Table 1 for detailed statistics.
Major Export Markets for Machine Tool
Analyzed by export countries (regions), the top ten countries (regions) for Taiwan's machine tool exports in 2021 are: China (including Hong Kong), USA, Turkey, Russia, Vietnam, Thailand, India, the Netherlands, Italy, and Malaysia. Among them, Taiwan's exports to China (including Hong Kong) amounted to nearly US$911 million, an increase of 20.4% over 2020, accounting for 32.7% of the total exports; the U.S. market ranked second, with exports of nearly US$323 million, an increase of 18.3% over 2020, accounting for 11.6% of the total exports; Turkey ranked third, with exports of 241 million. Turkey ranked third, with exports of US$241 million, a significant increase of 46.2% compared to 2020, accounting for 8.7% of the total exports. For detailed statistics, please refer to Figures 1 to 2 and Table 2.