Taiwan's yacht exports hit double-digit growth

by WantChinaTimes.com on 27 Mar 2015 Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats, reports Taiwan’s Commercial Times.

The export value of Taiwan-made yachts hit US$172 million, up 13.16% year-on-year and marking the highest growth figure in five years. This is the first two-digit figure since the aftermath of the 2008 global economic crisis nearly halved Taiwan's sales of exported yachts to US$144 million in 2010.

The growing export figures and the addition of US$10-20 million in local sales in 2014 are signs that the luxury boat industry in Taiwan can take a breather, said Chang Shueh-chiao, Secretary General of the Taiwan Yacht Industry Association (TYIA).

A total of 120 yachts were sold overseas in 2014, 19 fewer than in 2013. Given that the majority of the models sold last year were pricier, larger yachts, the total revenue still managed to go up. The trend is a sign that the industry is moving towards high value, large yachts, said Chang.

The majority of the buyers of made-in-Taiwan yachts are from Japan, Singapore, Hong Kong, the US and Canada. Chang believes that Taiwan's yacht industry is regaining its past glory and will once again see more than US$200-300 million in annual income.

Chang, however, expressed his concern over the lack of talent in the field. 'Young people nowadays are less likely to stay with yacht builders, especially in northern Taiwan,' he said without elaborating.

To ameliorate the manpower crisis, the TYIA and the Ministry of Education have facilitated industry-campus cooperative programs aiming to train more talent willing to contribute to the yacht industry.

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