SPORTS Trader 2024

ccording to the statistics of MOEA and Taiwan Sporting Goods Manufacturers Association, the total cumulative export value of sporting goods from January to October 2023 is US$1.476 billion which is a slump of 27.38% compared to the same period last year. It is mainly due to high inflation, geopolitical conflicts, and China's less-than-expected economic recovery from the epidemic, which has resulted in the poor overall export performance. Firstly, according to the product categories, the top three export value until October 2023 are fitness equipment, golf equipment and outdoor equipment. The export value of fitness equipment is US$516 million, a decline of 31.36% compared to the same period. Although it still ranks the first, it has been in decline for two consecutive years. Golf, which ranks second, declines by 25.24% compared to the same period last year, and does not maintain last year's growth momentum. Outdoor products, which ranks third, declined 38.77% compared to the same period last year. In addition, if we look at the states, the largest export region in 2023 is still North America, account- ing for 49.44% of the total export value, nearly half of the proportion. This is followed by Asia with 27.31% of total exports. When examined by country, the top three members remain the same as in 2022: the United States, China, and Japan, each with 47.07%, 10.18%, and 8.22% of total exports, however, all three countries show negative growth in export value. The International Monetary Fund (IMF) forecasts that the overall economy will rebound in 2024, coupled with the U.S. Federal Reserve's projected interest rate cuts, the easing of inflation, and the increasing emphasis on health by consumers after the epidemic, the global sports and fitness industry's sales scale is expected to grow to US$170 billion by 2030. Text / Infotrade INDUSTRY TRENDS www.IMB2B.com A Decrease in Cumulative Export Value of Taiwanese Sporting Goods 14