Hand Tool Exports Continue to Decline in June, with a 20% Decrease in Export Volume for the First Half of the Year

7 月 13, 2023 | TW Screw Industry

Report By Wang,Shang-Yi

Hand tool exports continued to decline in June, with a 20% decrease in export volume for the first half of this year. According to customs data, hand tool exports in June amounted to 11,020 metric tons, a decrease of 12.4% compared to the previous month. The total export volume for the first six months of this year reached 70,749 metric tons, showing a significant decline of 21.5% compared to the same period last year. Market expectations suggest that the recovery of hand tool orders may not occur until the fourth quarter at the earliest.

In June, the top export destinations for hand tools were as follows: the United States with 4,870 metric tons, showing a decrease of 21.7% compared to the previous month and a decline of 27.8% year-on-year. The average export price per kilogram was $11.7. The European Union and the United Kingdom received a total of 2,451 metric tons, representing an increase of 22.2% compared to the same period last year but a decrease of 15.3% year-on-year. The average unit price per kilogram was $15.4.

Industry insiders state that the decline in hand tool prices can be attributed to the drop in raw material prices and the pressure from overseas customers to lower prices. As a result, Taiwan’s hand tool manufacturers are facing increasing difficulties in securing export orders. The decrease in export volume for hand tools during the first half of this year was within expectations, as foreign customers reduced their orders towards the end of last year.

As for when signs of recovery might appear, the market believes that due to the relatively high inventory levels of customers and the conservative nature of overseas hand tool orders, the order situation is expected to improve in the fourth quarter or the first quarter of next year. Taiwanese manufacturers are currently prioritizing the clearance of finished product inventory.

It is worth noting that the Taiwan Hardware Tool Show is scheduled to take place in October at the Taichung International Exhibition Center. The exhibition, which will be held from October 12th to 14th, may generate some orders for Taiwanese hand tool manufacturers. Over 250 companies have already registered for the exhibition, and it is expected to set a record as Taiwan’s largest professional exhibition in the related industry.

Coverpicture By Wang,Shang-Yi