A brief description of the future development environment for Taiwan fasteners

With the development of global trade liberalization, tariffs and non-tariff barriers to the trade of goods and services between countries will gradually decrease. In addition, under the WTO's WTO framework, countries or regions are actively signing regional cooperation agreements, such as the 2010 China-ASEAN Free Trade Area, and the US-Korea FTA and the European-Korea FTA have come into force one after another, while India’s EU FTA agreement also In negotiations. The United States, the European Union, and China are all major export markets in Taiwan, and markets such as ASEAN, China, South Korea, and India are rivals in the Taiwan market. In the future, as high tariffs are gradually reduced, Taiwan’s exports to the United States, Europe, and China will be competitive. It will probably decrease.

At present, although Taiwan has signed an ECFA early harvest program with China, fastener products have not been included. Taiwan's fastener industry colleagues should grasp the development trend of the Chinese mainland market as early as possible, lay out in advance, and enter its industrial supply chain to exploit market opportunities.

In addition, due to EU anti-dumping measures on fasteners originally produced in mainland China, the amount of fasteners exported from Taiwan to the EU in 2010 increased by about 90,000 metric tons compared with the pre-crisis period, which just made up for the decrease in exports to the United States. Therefore, Taiwan's fastener industry should actively seek to obtain EU product certification in order to better open up the market.

Looking ahead to 2011, China’s economy continues to heat up. Domestic and foreign countries are still in a depressed state due to the credit crisis and high unemployment. However, the implementation of the policy of expanding domestic demand in mainland China, and the implementation of policies such as quantitative easing monetary policy and aggressive promotion of exports by European countries and the United States to stimulate economic growth, coupled with continued strong demand from China, India, and Asian countries, continues to affect global manufacturing. With increasing growth, the export volume of fasteners in Taiwan is expected to maintain stable growth.

At present, due to the slow pace of economic recovery in the United States, Taiwan’s fastener exports have not yet returned to pre-crisis levels. However, thanks to the EU's anti-dumping duties on China, Taiwan’s fasteners exported to the EU will grow substantially, while exports to Japan and China will have returned to pre-crisis levels, and exports to ASEAN will show significant growth, especially For the Philippines, Thailand and Vietnam. Therefore, it is expected that the export value of fasteners in Taiwan is expected to exceed NT$110 billion in 2011, reaching a record high.