TAIPEI (The China Post/ANN) - According to an economics ministry report, Taiwan’s sporting goods industry has grown for four consecutive years.

There is a chance that Taiwan's sporting goods industry output will reach a record high in 2016 for the third year in a row, according to a report released by the Economics Ministry.

The sporting goods industry involves a range of products, from fishing poles, golf clubs, track and field sportswear, to snowboards and fitness training equipment. Up to 90 per cent of sporting goods industry output is exported.

In 2014, output reached a record high NT$41.7 billion, before the number was surpassed by NT$41.8 billion in 2015.

According to an economics ministry report, Taiwan’s sporting goods industry has grown for four consecutive years.

Sales between January and May of this year rose 1.9 per cent to NT$16.3 billion. Since sales usually boom in the second half of the year, the Economics Ministry predicted that total output for the year will hit the NT$400 billion mark again in 2016.

The industry has been riding on global fitness trends. Increasingly advanced smart devices to measure performance have fueled the development of health management.

Taiwan’s sports manufacturers have successfully made a foray into name-brand hotel facilities, as well as large fitness centers. The companies have not only increased the high-end market share, but have also further expanded their presence among US distributors.

Sporting industry products

Golf products and indoor exercise equipment make up 70 per cent of the sporting industry’s total output.

Output value for indoor fitness equipment grew an annual 14.2 per cent to NT$18.4 billion in 2014. The number continued to climb in 2015 and 2016. Indoor fitness equipment is the No. 1 product in terms of output value.

Golf product output reached NT$12 billion in 2012, as firms moved golf club manufacturing back to Taiwan. The number remained in the NT$11 billion range in the following years.

Export performance

Customs data shows that sporting goods exports grew over 5 per cent annually between 2010 to 2014. Growth fell 3 per cent in 2015 as recession hit. But exports fell 1.3 per cent in the first seven months of 2016.

The US constitutes Taiwan’s largest export market, constituting 40 per cent of all orders. China ranks as the second largest market and places 10 per cent of all orders. Japan is the third largest market, taking up 8.5 per cent. The UK and Germany are Taiwan’s fourth and fifth largest markets.

It is worth noting that sales to the US and UK markets have increased for six consecutive years. 

US$1 = NT$31.40 as of 8/16/2016 via oanda.com

Source: Asia News Network