Business Times-Taiwan’s high-quality products lead the machine tool industry to enter the Russian market
According to data from Gardner Intelligence, a well-known international market research organization, Russia is the 10th largest machine tool market in the world. The market size reached US$1.779 billion in 2019, and the import amount in the same year was US$1.221 billion, ranking the 7th largest in the world. The market is highly dependent on imports and has huge potential. . The "Russian Metalworking Exhibition Metalloobrabotka" held in Moscow every year is the country's largest professional machine tool exhibition and a trading platform for many machinery manufacturers to enter the Russian market.
The COVID-19 epidemic has been raging since last year (2020), which has affected the layout of the global manufacturing industry. Countries have established independent industrial supply chains, which in turn has greatly increased the demand for machine tools and equipment, bringing new opportunities to Taiwan's machinery industry.
According to statistics from the Taiwan Machinery Association, Taiwan's machinery and equipment export value reached US$2.634 billion in April this year (2021), an increase of 28.4% over the same period last year. Machine tools increased by 13.5%, and market demand is strong.