TAIPEI (TVBS News) — The Taiwan Machine Tool & Accessory Builders' Association (TMBA, 台灣工具機公會) on Friday (Jan. 10) reported a 14.8% decline in Taiwan's machine tool exports for 2024, totaling US$2.218 billion. Despite this annual drop, December 2024 saw a 10.7% monthly increase to US$215 million, reflecting a slight 1.5% rise from December 2023.
China, the U.S., and Turkey emerged as the top three destinations for Taiwan's machine tool exports in 2024, followed by India, Vietnam, Thailand, Germany, the Netherlands, Japan, and South Korea. Key components exports reached US$136 million in Dec. 2024, marking a 5.4% monthly increase and an 8% yearly increase. These exports totaled US$1.511 billion for the entire year, up 1.2% from 2023.
The association identified multiple factors affecting the global economy 2024, leading to concerns about economic recovery prospects and cautious capital expenditure. Looking ahead to 2025, the association noted ongoing global economic uncertainties, including policy shifts under Donald Trump’s administration and supply chain restructuring dynamics.
The association also highlighted demographic challenges like declining birth rates, contributing to labor shortages. It stated these challenges accelerate automation, digitization, and green transformation across industries, presenting opportunities for demand and development.