Taiwan’s fastener export and value declined in the first half of 2020 as the world was gripped by the coronavirus pandemic, Fastener World reports.

Fastener export volume dropped 14% to 687.7 thousand tons, while the value decreased 14.7% to US$1.98 billion – the lowest six-month performance since the 2008 financial crisis.

Orders to China were the lone bright spot for Taiwan, growing 10.2% during H1.  Order increases reflect increased demand in China, coupled with a shutdown of a portion of Chinese fastener production lines related to the virus, Taiwan Industrial Fasteners Institute chairman Tu- Chin Tsai told Fastener World.

Taiwan fastener exports increased to 110,000 tons in June, but were still 17% lower than the export volume from a year ago.  The export price for June dipped 0.28% to $2.88 per kilogram.

Tsai said the drop in fastener exports was mainly due to the spread of the virus in North America, which is the largest export destination for Taiwan’s fasteners.

In the first half of 2020, the American market declined 10.9%, while exports to Germany fell 21.3% and exports to the UK decreased 32%.  Demand in China for reconstruction after the current floods will increase exponentially, boosting fastener exports for many Taiwanese fastener companies, Tsai forecasts.