2024 Taiwan Industrial Outlook - Metal Fabrication

In 2023, the fastener industry faced significant challenges due to global economic fluctuations and high inflation. Manufacturing activities in major economies around the world have generally declined, significantly impacting Taiwan's fastener exports in turn. In 2023, Taiwan's export value declined by 21% while export volume decreased by 24%. Despite poor export performance, the average unit price of Taiwan's fasteners in the European market has increased, indicating that demand for high-value products remains strong. As Taiwan's largest export market, the demand in the United States remains relatively stable compared to Europe, holding a market share of 44.4%. However, the decrease in domestic demand in mainland China has led to a substantial increase in low-price competition.