The Bureau of Foreign Trade (BOFT) and TAITRA organized the 10th trade mission of the precision components industry and the 1st trade mission of hardware industry to visit Japan. The trade missions consisted of 116 representatives from 56 Taiwanese suppliers, which was the largest trade mission in the past 3 years. Over 800 trade meetings took place in Tokyo in only one day, which attracted 254 Japanese buyers; and over 600 trade meetings took place in Osaka, which attracted 272 Japanese buyers. The number of Japanese buyers grew 40% compared to the previous trade missions to Osaka and Tokyo in 2019.

Since the pandemic has subsided, the Japanese yen has deprecated, and Japan's government and industries highly value the strengthening of resilient supply chains, the value of machinery has peaked. Therefore, the demand for components, fasteners, and repair tools has been increasing. It is the best time and opportunities for us to develop the Japanese market.

The trade mission consisted of 40 precision component suppliers and 16 producers of fasteners and machinery in the hardware industry. A variety of Taiwanese products were presented to Japanese buyers, including forging and casting components for the machinery and automotive industries, metal components for the medical industry, components for plastic and rubber processing machinery, as well as fasteners and hardware. Taiwan is competitive in producing the above intermediate good. In addition, the suppliers of fasteners also have proprietary technologies and are qualified OEM, which are able to integrate production processes and develop new products.