Taiwan's petrochemical production value totaled NT$462.8 billion during Q3 according to a report by Industry and Technology Intelligence Services (ITIS), under the Ministry of Economic Affairs (MOEA). This is the third consecutive quarter in which the figure has declined, yet it is expected to hit NT$1.91 trillion this year, a rise of 4.9% from last year. Production value has dwindled from NT$526.421 bln in Q1 to NT$502.306 bln in Q2 and then to NT$462.777 bln in Q3.
This quarter saw supply and demand both on the decline. Demand has fallen on various factors, including the European debt crisis and a tighter monetary policy by the Chinese government. Suspension of operations at Taiwan petrochemical plants due to various public safety incidents has led to a supply reduction.
By petrochemical sub-sector, operators from the upstream and midstream segments of the industry posted production of NT$287.1 bln and NT$161.2 bln, a year-on-year increase of 6.7% and 6.4% and quarter-on-quarter decline of 10.9% and 2.6%, respectively.