Diversified Marketing Strategy Strengthens Taiwan's Export Performance
Taiwan’s exports in April were consistent with the world’s recovering economy. Among exported products, the machine tool is one of the products showing significant growth. The export value of machine tools in March was 300 million USD, representing an increase of 35.1% over February’s exports. Among the machine tool inventory, cutting machines witnessed a growth rate of 33.8% in March, while the growth rate of forming machines was even better, at 42.8%. As important capital goods, Machine tools’ role in the world tells a lot about regional economies. The fluctuation of machine tool business is correlated to many industrial circles. Meanwhile, the industrial production in Japan was up 4.1% in February compared to the previous month. That shows a significant recovery from the former decline. Analysis has shown that the stimulating factors of this recovery in Japan came from both semi-conductor and automotive industries.
As the world economy improves, major industrial countries are ready for it, and Taiwan is enthusiastic to go further. It is observed that the escalating export performance of Taiwan’s overall export business is due to the change that Taiwan’s suppliers made recently. Taiwanese suppliers have diversified their existing product inventory to increase flexibility and offer better services. South Korea, the major competitor of Taiwan, changed its marketing strategy years ago and, as a result, gained great success. That offered a lesson to Taiwanese manufacturers on the development of their marketing strategy, and they eventually discovered a way to add more value to their product inventory by offering diversified models such as engineering blueprints, after services, customization…etc.