Output Of Taiwan Manufacturing Sector To Rise 21%

The production value of Taiwan's manufacturing sector is expected to increase more than 21 percent from a year earlier in 2021 on the back of solid global demand, the Industrial Technology Research Institute (ITRI) has told Pan Tzu-yu and Frances Huang of the Central News Agency (CNA.)

Photo Insert: Neihu Technology Park in Taiwan is where tech giants such as Foxconn, Benq, and Alcatel-Lucent are headquartered.

In its latest IEK Current Quarterly Model (IEKCQM) report, ITRI said the world's economy remained affected by factors such as the COVID-19 pandemic, an interruption in the global supply chain, a spike in raw material prices, rising inflationary pressure, and slower economic growth in China, but global demand remained solid, giving a boost to many export-oriented manufacturers in Taiwan.

The institution has forecast that the output of the local manufacturing sector will rise 21.26 percent to NT$23.06 trillion (US$823.6 billion), the second-highest in history. The estimate represented an upgrade from an earlier forecast of NT$20.92 trillion with expected growth of 10.03 percent made in June, according to ITRI.

ITRI said a strong export performance in the first nine months of this year served as a harbinger for the anticipated double-digit growth in the output of the manufacturing sector. In the nine-month period, Taiwan's outbound sales in the wake of rising demand for both tech gadgets and old economy items rose 30.7 percent from a year earlier to US$117.2 billion.

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