Riding the waves of robust global demand for tech gadgets, Taiwan's industrial production rose by more than 2 percent year-on-year in March, marking the 26th consecutive month of growth, the Ministry of Economic Affairs (MOEA) said Monday.
Data compiled by the MOEA showed the industrial production index rose by 2.15 percent to hit 139.02, the second-highest level, trailing only 140.78 recorded in December 2021. The March index rose sharply by 18.91 percent from February due to fewer working days as the annual week-long Lunar New Year holiday ended on Feb. 6.
The sub-index in the manufacturing sector, which accounted for more than 90 percent of the country's total industrial production, rose by 1.95 percent from a year earlier to 142.03, also marking the 26th straight month of year-on-year growth. The March manufacturing sub-index stood at the second-highest level behind only the 144.10 recorded last December.
In the first three months of this year, Taiwan's industrial production index rose by 6.40 percent from a year earlier with the sub-index for the manufacturing sector up by 6.55 percent, the MOEA said.
In March, the electronics component industry's production rose by 3.78 percent from a year earlier on the back of strong demand for 5G applications, high-performance computing devices, and automotive electronics, the MOEA said.
Among electronics component suppliers, integrated circuit suppliers benefited from their product expansion efforts which helped boost their production by 2.37 percent from a year earlier in March, the MOEA added.
In the first quarter, the electronics component industry posted a 12.59 percent year-on-year increase in production, according to the MOEA.
The computer and optoelectronics industry, whose production surged by 26.09 percent from a year earlier in March, got a boost from global digital transformation which pushed up demand for cloud-based services, the MOEA said. In addition, a shortage in its supply chain was eased to some extent, further bolstering the industry's production, the MOEA added.
In the January-March period, the computer and optoelectronics industry posted a 13.70-percent increase in production from a year earlier, according to the MOEA.
In the non-tech sector, machinery production rose by 9.55 percent from a year earlier in March as semiconductor suppliers were keen to expand production, while auto and auto part production also rose by 3.98 percent due to an increase in car sales, the MOEA said.
In the first quarter, machinery production increased by 10.67 percent from a year earlier, but auto and auto part production fell by 0.69 percent, the MOEA added.
Meanwhile, the chemical raw material industry reported an 8.22 percent year-on-year decrease in production in March due to weakening demand as well as production suspension resulting from annual maintenance carried out by some suppliers, the MOEA said. In the first quarter, production in the industry fell by 6.12 percent from a year earlier, according to the MOEA.
In addition, base metal production fell by 5.56 percent from a year earlier in March due to reduced production caused by annual maintenance carried out by major steelmakers, the MOEA said. In the first quarter, production in the industry dropped by 7.47 percent year-on-year.
Looking ahead, the MOEA said the local manufacturing sector was expected to continue to grow on the back of solid demand for tech products and estimated that the sub-index of the manufacturing sector would increase by 5-8.2 percent in April from a year earlier.
Source: Focus Taiwan News Channel