Taiwan Predicts Export Increase

Jason Sandefur

Taiwan industrial fastener manufacturers predict fastener exports to the U.S. will rise 10% in 2004, while exports to Europe will see a 5% increase. Taiwan Industrial Fastener Institution chairman John Wu told Taiwan Business News that recovering global auto sales have prompted leading importers in the U.S. and Europe to accelerate deliveries to fill expanded orders, driving a 15% surge in Taiwan fastener shipments during the first half of 2004. \
Exports from Taiwan, which ships over 80% of its fasteners abroad, have been boosted by price hikes on steel products in the U.S. and Japan, Wu noted.
But rising costs and increased competition from Chinese fasteners have forced Taiwan producers to upgrade product lines to higher-end fasteners.
Wu estimated that global demand for major fastener products is growing an average of 6% annually. In 2004 global consumption could reach $43 billion, with Taiwan expected to supply about 10% of the world consumption rate in the coming years. �2004 FastenerNews.com