Market Slowly Recovers: TMBA Prepares for Global Opportunities at TMTS 2024


In June, the World Bank released its latest global economic outlook, pointing out that global economic growth is expected to slow from 3.1 percent in 2022 to 2.1 percent in 2023 due to the tightening of monetary policy by Central Bank, high interest rates, inflation, and geopolitical influences. Recently, inflation rates in various countries have shown clear signs of slowing down, and it is expected that the cycle of monetary policy tightening is coming to an end.

 MOEA (Ministry of Economic Affairs, R.O.C.) estimates that the manufacturing index will continue to decline in July, but the market has already released the good news of gradually digesting inventories, and the global industrial chain's pace of de-inventorying may end in the fourth quarter at the latest, coupled with the pulling of new electronic products and AI themes, the index trend in the second half of the year is expected to improve over each quarter.

 In the first half of this year, Taiwan's Machine Tool performance is similar to the world's major Machine Tool producing countries, by the impact of the economic downturn, market demand growth is not as good as the past. However, fortunately, some countries have gradually turned from recession to growth in export performance in Q2 2023. China's Q2 2023 Machine Tool total exports is near US$2 billion, increased 20% compared to Q1; Korea's Q2 2023 Machine Tool total exports is about US$800 million, increased 16% compared to the previous quarter; and Taiwan's Q2 2023 Machine Tool total exports is US$680 million, increased 15.7% compared to Q1.

 In terms of Taiwan's major export markets (Jan.-June 2023), China's (-18%) post-quarantine economic recovery was not as good as expected, meanwhile the US (-11%) was affected by inflation and interest rate hikes. In comparison, emerging markets such as Turkey (+24%) and India (+22%) are experiencing a strong recovery.

 Taiwan Machine Tool and Accessory Builder’s Association Chairman Patrick Chen visited India recently, he noticed that Indian government has been actively promoted the "Make in India (Make in India)" programme in recent years. Taking advantage of the situation to release a variety of preferential incentives, to build a friendly business environment, attracting the supply chain to set up manufacturing bases in India, the demanding for manufacturers’ expanding investment continues to increase. As the demand for imported Machine Tool from India continues to grow this year, it is expected that the Indian supply chain will become more complete in the future, and the bull market is also expected to bring new business opportunities for Taiwan's Machine Tool.

 In addition, Turkey is also one of the emerging markets that Machine Tool manufacturers can consider about marketing lay out. Turkey located in the center of Europe and Asia, with the largest Machine Tool industry in Central and Eastern Europe and it is also a major exporter of Taiwan's Machine Tool. As a result, domestic Machine Tool and Accessory manufacturers are also actively rushing to invest and set up factories in Turkey.

 TMTS 2024 is expected to be held from 27 March to 31 March 2024 at the Taipei Nangang Exhibition Center. With the theme of "Dual Axis Intelligent Manufacturing Plus Sustainable Future", TMTS 2024 will include ten elements to create Digital Transformation (DX) and Green Manufacturing (GX), which will be different from the previous exhibitions, aiming to construct an innovative and sustainable ecosystem for the Machine Tool and Accessory industry.

 The world's largest Machine Tool exhibition, EMO Hannover, Germany will be held from 18 to 23 September, and TMTS members expect more than 150 manufacturers to participate in the show. Taiwan's major manufacturers such as HIWIN Technologies, FAIR FRIEND GROUP, Tongtai, YCM (Yeong Chin Machinery) and Quaser Machine tools will also present the strengths of Taiwan Smart Machinery. TMBA (Taiwan Machine Tool and Accessory Builder’s Association) and TAITRA (Taiwan External Trade Development Council) co-organised a conference on the theme of "Digital Transformation X Green Transformation". In collaboration with TAITRA, TMBA warming up for TMTS and promote the event overseas.

Search Exhibitors PULL