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Output value of Taiwan’s semiconductor sector logged US$115 billion in 2020

COVID woes driving sales for products related to remote work

A circuit board (Getty Images)

A circuit board (Getty Images)

TAIPEI (Taiwan News) — The production value of Taiwan’s semiconductor industry registered NT$3.22 trillion (US$115 billion) in 2020, growing a considerable 20.9 percent annually, according to the ITRI ​​Industrial Economics and Knowledge Center.

Taiwan outperformed its rivals in the semiconductor sector last year, and its output value is expected to increase another 8.6 percent to NT$3.49 trillion this year, the center predicted.

The stellar performance was boosted by robust demand for laptops and ICT-related products required by remote workers during the coronavirus pandemic. The global semiconductor market experienced 6.8 percent annual growth last year, reaching US$440.4 billion, according to the center.

Meanwhile, the integrated circuits (IC) manufacturing sector in Taiwan logged a production value of NT$1.82 trillion in 2020, representing 23.7 percent annual growth. The sector is likely to sustain its momentum and is forecast to grow by 8 percent in 2021, wrote CNA.

The Taiwanese government has revised its forecast of the country’s GDP growth this year from 3.83 percent to 4.64 percent, largely thanks to upbeat export growth prospects in the semiconductor industry, reported the Liberty Times. Countries including the U.S., Germany, and Japan recently urged Taiwan to boost its supply of auto chips.