TAIPEI (Taiwan News) – The value of Taiwan’s manufacturing output increased by 8.39 percent in Q3 2018, when compared to the same period last year, according to the Ministry of Economic Affairs (MOEA).
The growth in manufacturing was driven by Taiwan’s traditional industries, and represents the third-straight quarter of expansion.
Taiwan’s good manufacturing fortune came during a time of steady growth in the global economy.
The petroleum, coal product, and basic metal industries all benefited from higher international raw material prices, with the three sectors enjoying 22.36 percent, 33.83 percent, and 18.66 percent growth, respectively, for the quarter, MOEA said.
The electronic components sector saw 2.53 percent growth during the quarter in annual terms, due to demand for new mobile devices and emerging technology.
Taiwan’s LCD and LCD component sector decreased by 4.56 percent during Q3 2018, when compared to Q3 2017.
MOEA suggests Taiwan’s electronics industry is set for expansion in Q4, off the back of the end-of-year sales season, launch of numerous new products, and continued proliferation of emerging technology.
Uncertainty surrounding the U.S.-China trade war, as well as stabilization or decline of raw material prices were identified as potential negative influences by MOEA.
The U.S.-China trade war among a host of domestic and international factors has become a cause for concern by analysts. The Industrial Economics and Knowledge Center under the government-sponsored Industrial Technology Research Institute downgraded Taiwan’s expected manufacturing output for 2019 last month, and German think tank the ifo Institute for Economic Research believes Taiwan’s economic fortune will take a turn for the worse over the next six months.