Industrial production grows 9th straight month in January

Taipei, Taiwan has recorded year-on-year growth in industrial production for the ninth consecutive month in January, helped largely by a relatively low base of comparison last year, the Ministry of Economic Affairs (MOEA) said Monday.

The industrial production index for January rose 10.86 percent from a year earlier to 115.98, a new monthly high, after a 1.37 percent year-on-year increase seen in December, according to the MOEA.

The strong growth benefited not only from strong global demand but also from a low base of comparison in January 2017, as last year’s Lunar New Year holiday fell in January, resulting in a reduced number of working days, the MOEA said.

The same holiday fell in February this year, meaning that January had its full complement of working days, allowing for more production.

The January sub-index for the manufacturing sector, which accounts for more than 90 percent of Taiwan’s total industrial production, rose 10.84 percent from a year earlier to 117.45.

Taiwan’s industrial production in January extended its momentum from 2017, when Taiwan’s industrial production grew 2.9 percent year-on-year, with production in the manufacturing sector up 3.74 percent.

Both the overall growth rate and the growth in the manufacturing sector for 2017 were three-year highs.

Source: Focus Taiwan News Channel