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Taiwan's records drop in industrial production for November

Taiwan's records drop in industrial production for November

Taipei, Dec. 23 (CNA) Taiwan's industrial production index fell for the seventh consecutive month in November amid a global economic slowdown, according to a report released Wednesday by the Ministry of Economic Affairs (MOEA).

Last month, the industrial production index dropped 4.94 percent year-on-year to 102.09, while the manufacturing production index fell 5.03 percent to 102.1, also contracting for the seventh straight month, the report showed.

It was the latest indicator of a weak domestic economy, the MOEA said, adding that the industrial production index for the whole year is likely to post negative growth.

Among the various segments in the manufacturing sector, only the chemical material manufacturing industry showed an increase in production November, rising 2.91 percent year-on-year because of a relatively low comparison base last year, according to the report. The computer/electronics/optoelectronics industry and the steel and machinery sector both registered a double-digit decline in production in November.

Meanwhile, the output of the automobile industry dropped 7.41 percent year-on-year in November due to an increasing market share of imported cars.

The economics ministry said, however, that the manufacturing sector will get a boost during the current Christmas shopping season and from strong demand for make-to-stock products ahead of the New Year and the Lunar New Year festival.

In addition, the manufacturing sector will benefit from the launch of new mobile devices, expansion of the solar energy industry, and the introduction of stimulus measures by the government, the ministry said.

It said the downside factors include fluctuating international crude oil prices and steel prices, and increasing competition from China with the growth of the red supply chain.

In the first 11 months of 2015, Taiwan's industrial production index dropped 1.23 percent from the same period of last year, while the manufacturing production index declined 1 percent, according to the report. (By Huang Chiao-wen and Evelyn Kao)


Updated : 2021-09-24 00:01 GMT+08:00