TAIPEI (Taiwan News) — The Industrial Technology Research Institute (ITRI) saw the production value of Taiwan’s manufacturing sector surge by 21.26% this year, reports said Thursday (Oct. 28).

The increase to NT$23.06 trillion (US$829.11 billion) is the second-highest on record and could be followed by a more modest 4.61% rise in 2022, CNA reported.

ITRI said the international recovery has continued despite a host of problems, including the COVID-19 pandemic, supply chain disruption, inflation fears, price rises for raw materials, and China’s energy troubles. Both traditional industrial sectors and high-tech businesses have seen production booming, allowing Taiwan to register an export rise of 30.7% for the first nine months of the year compared to the same period in 2020.

Present trends are likely to continue next year, allowing the total production value of Taiwan’s manufacturing sector to grow a further 4.61% and reach NT$24.12 trillion, ITRI said.

Nevertheless, businesses in Taiwan need to pay attention to trends such as digital transformation, environmental, social, and governance (ESG) risks, and cutting carbon emissions, the institute warned.