Taiwan’s industrial production up over 8 percent in October

Taipei, Taiwan's industrial production rose for an eighth consecutive month in October, boosted by the beginning of the global high-tech sector's peak season, the Ministry of Economic Affairs (MOEA) said Friday.

Data compiled by the MOEA showed the industrial production index for October rose 8.25 percent from a year earlier to 116.38, the highest-ever monthly level.

It was the index's eighth straight month rise and 17th increase in 18 months. The last fall was in February 2018, when industrial production fell 4.73 percent from a year earlier due to the reduced number of working days caused by the Lunar New Year holiday.

The sub-index of the manufacturing sector, which accounts for more than 90 percent of the country's industrial production, rose 9.24 percent in October from a year earlier to 117.60.

On a month-on-month basis, industrial production rose 1.05 percent from September after seasonal adjustments, the MOEA said.

In the first 10 months of the year, Taiwan's industrial production index rose 4.30 percent from the same period a year earlier, and the manufacturing sector sub-index was up 4.65 percent.

Production in the electronics component sector rose 9.22 percent from a year earlier in October as international brands launched new mobile devices, which boosted production of semiconductor firms by 14.39 percent year-on-year, the MOEA said.

The computer and optoelectronics industry saw production jump 23.87 percent from a year earlier due to strong demand for tech gadgets, such as Internet communication devices, servers, notebook computers, and mobile devices, the MOEA said.

Base metal production rose 11.57 percent in October because of higher steel production and a relatively low comparison base over the same period of last year, the data showed.

The machinery sector's output rose 11.79 percent from a year earlier in October due to solid demand for smart production equipment, while raw chemical producers saw output fall 0.75 percent because of a fall in international crude oil prices, the MOEA said.

Auto and auto part makers posted a 0.81 percent year-on-year decline in production in October as foreign passenger cars took a higher share of the local market, the MOEA added.

The ministry said it is watching closely whether trade friction between the United States and China will affect global demand and Taiwan's industrial production down the road.

Source: Focus Taiwan News Channel