Human Toll Rises Following Taiwan Earthquake
A 7.4-magnitude earthquake and several strong aftershocks struck Taiwan on April 3, killing 10 people and leaving at least 700 trapped by rubble and 15 missing. The earthquake, which damaged buildings and caused landslides, was the largest to hit Taiwan in 25 years.
The epicenter was located off Taiwan’s eastern coast on the far side of the island from most of Taiwan’s larger cities. The capital Taipei sits 90 miles away on the north side of the island, with Kaohsiung, Taiwan’s fastener manufacturing hub, and other large cities such as Taichung and Tainan on the west side of the island.
Tainin is home to a prominent fastener importer to the U.S. — Brighton-Best International. BBI is one of an estimated 1,725 fastener companies employing 39,000 people in Taiwan, a country of 23.9 million.
Sherex was the first fastener company to release a statement: “Sherex Taiwan, situated in Chungli City in the northwestern part of the country, experienced no damage, and all employees are safe,” stated marketing manager Erich Neuhaus. “Sherex Taiwan is currently operating as usual, and we will promptly advise if any issues arise.
“Our thoughts are with those who were impacted by this severe earthquake.”
Taiwan manufactures high-end fasteners for much of the world.
Last year Taiwan fastener exports fell 25% to US$4.6 billion as geopolitical conflicts, inflation, and slowing economic growth reduced orders, Fastener World magazine reports. In 2022 Taiwan exported 1.67 million tons of fasteners, with the export value topping US$6.14 billion for the first time.
S&P Global forecasts growth in 2024, with Taiwan fastener exports expected to rise 5.4%.
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