Chinese Taiwan came in third in 2020 with USD 3.97 billion worth of fastener export to the world, following Chinese Mainland and Germany.
The latest statistics from Taiwan Ministry of Economic Affairs (MOFA) show that Chinese Taiwan’s fastener export value in the first 7 months this year rose 30.9% to USD 2.93 billion, with the U.S. being the top one destination for Chinese Taiwan’s outgoing fasteners.
The first 7 months of 2021 saw USD 1.23 billion (42% of the total) worth of Taiwan’s fastener export to the U.S., USD 240 million (8.3%) to Germany, 5.6% of the total to the Netherlands, 4.6% to Japan and 4.0% to the UK. The top 5 destinations for Chinese Taiwan’s fasteners already make up 64.4% of the total value. In the first 7 months, Chinese Taiwan gained 3.8% in fastener export to Japan and double-digit growths in the U.S., Germany, Netherlands, and the UK.
Chinese Taiwan’s market share in the U.S. fastener market has grown further since the U.S./China trade war. Overtaking Chinese Mainland at 16.2% and Japan at 11.3%, Chinese Taiwan comes in first, making up 37.5% of the U.S. fastener market share.
The EU is another critical market for Chinese Taiwan. When the EU revoked the AD tariffs on Chinese Mainland’s carbon steel fasteners in 2016, Chinese Mainland was able to gain a substantial market share in the EU and overtook the leading position of Chinese Taiwan in 2020. In the first 4 months of 2021, Chinese Mainland came in first with a 26.1% share in the EU market, followed by Chinese Taiwan (21.1%) and the U.S. (8.6%).
As of 2019, Chinese Taiwan boasted over 1,800 manufacturers of screws, bolts, nuts, and rivets, employing a combined workforce of 39,000. Suppliers are mostly based in Kaohsiung, which has a cluster of 700 factories.
Post time: Sep-23-2021