Taiwan’s Bicycle Makers Love Economic Collapse

my bikeWe all know that the global market is getting shaken around right now and as “the invisible hand” rights (or bails out) the inherent failures of capitalism some people are benefiting from the stress. Bicycle manufactures are benefiting from consumers tightening their belts because bikes are a great way to save money, they also keep you fit, and are good for the environment. Yeah for bicycles!

Exports reached a record high in 2007 of 1.05 billion US dollars with 4.75 million bikes sold abroad, while 2008 looks set to break that record with the export of 2.76 million bikes totalling 635 million US dollars in the first six months, government figures showed.
There is no official data on how many bicycles are sold locally but industry watchers estimate around one million were sold in 2007 on the island of 23 million people.
“Business was booming in 2007 and this year looks to be the best,” said Jeffrey Sheu, spokesman for the world’s leading bicycle maker Giant Inc.
“Our monthly revenue hit a historical high in August and September looks like setting a new record.”
Giant’s August and September group revenue rose 27 percent and 35 percent year-on-year to 3.91 billion and 4.12 billion Taiwan dollars (120 million US and 126 million US) respectively while 2008 revenue is projected to increase by at least 25 percent to 40 billion.

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