Machine tools are the mother of all industries. The technological advancement of machine tools drives the industry’s development and progress. Its importance cannot be overestimated.
Taiwan’s machine tool industry got off to a good start in 2022 before the market cooled down during the year. In the first half of 2022, private-sector demand was strong as different countries reopened their economies. Manufacturing and investment activities heated up and continued with the momentum from 2021. However, international events such as the U.S.-China tech war, the pandemic, the Russia-Ukraine war, global inflation caused by rising raw materials prices, and interest rate hikes in the U.S. during the second half of the year all had adverse effects on investment and manufacturing activities.