The nation’s retail sales rose to a record NT$3.86 trillion (US$135.96 billion) last year, as people stayed home and shopped like never before amid COVID-19 border controls, the Ministry of Economic Affairs said yesterday.
Retail sales reached NT$355.2 billion last month, up 1.4 percent year-on-year, with cumulative sales for the year rising 0.2 percent from 2019 to a record high, the ministry said.
“The combination of not being able to leave the country to consume due to COVID-19 restrictions and the record-high stock market helped boost the sale of luxury goods,” Department of Statistics Deputy Director-General Huang Wei-jie (黃偉傑) said.
Notably, online sales grew 19 percent year-on-year to NT$341.8 billion last year, accounting for 8.9 percent of overall retail sales, ministry data showed.
In 2019, online sales contributed 7.5 percent to total retail sales, the ministry said.
The ministry credited innovative sales tactics and improved online services, as well as pandemic-related demand for masks and dietary supplements for the jump in online sales.
“E-commerce businesses widened their sales channels and held effective sales campaigns, while the online sale of pharmaceuticals and makeup was up by 50.8 percent year-on-year,” Huang said.
The wholesale sector also reported record sales for last year, rising 2.5 percent year-on-year to NT$10.51 trillion, but sales in the food and beverage sector fell from the previous year due to the effects of the pandemic, the ministry said.
Food and beverage sales fell 0.6 percent last month after four continuous months of modest growth, with sales for the whole year dropping 4.2 percent to NT$777.6 billion, ministry data showed.
Restaurant sales and beverages store sales had recovered to pre-pandemic levels by the end of last year, but the catering and banquet business continued to decline by double-digit percentage points year-on-year, the ministry said.
It is cautious about the outlook for domestic retail, wholesale, and food and beverage sales, it said.
“Renewed concerns over the COVID-19 situation would likely bring growth down, while many mass gatherings have already been canceled,” Huang said.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to post a 25 percent year-on-year increase in sales in the first quarter of this year to US$12.91 billion, up from US$10.31 billion a year earlier, as its production is at full capacity, market advisory firm TrendForce Corp said in a note last week. The increase would help TSMC cement its leadership in the industry by taking a 56 percent market share in the global pure wafer foundry business, TrendForce said. Its forecast was in line with TSMC’s estimate in January, which pointed to a range of US$12.7 billion to US$13 billion for the
MULTI-USE: The arrangement of seats in future vehicles would be different, allowing passengers to do everything they do at home, the CEO of the firm’s EV platform said Electric vehicles (EVs) developed on a Hon Hai Precision Industry Co (鴻海精密) platform would be built like “a smartphone on a different platform,” Jack Cheng (鄭顯聰), chief executive officer of the Hon Hai-initiated MIH Open Platform Alliance, said on Saturday. It would be the ultimate goal to make vehicles built on the platform an extension of the driver’s home, he said during an online presentation. The alliance aims to provide resources to automakers and boost Taiwan’s EV development, with a vision to make an EV its owner’s “second home,” Cheng said. “Whatever they can do in their home, they will be able
RARE POSITION: IHS Markit expects exports to increase by about 13 percent this year, as demand for electronics worldwide has recovered significantly since last year Taiwan’s economy might expand 4.1 percent this year, accelerating from a 3.11 percent pickup last year, as its exports would continue to benefit from surging demand for electronics products amid and after the COVID-19 pandemic, global research body IHS Markit said yesterday. Taiwan has been one of the world’s most resilient economies during the pandemic-triggered recession last year. Economic indicators at the beginning of this year signal improving growth momentum for its economy over the coming months, as the global economy and trade rebounds, the US-British information provider said. According to the latest IHS Markit survey of business confidence in Taiwan, the
Clean energy use and reduction of carbon dioxide emissions are the common consciousness of all countries in the world. Among them, the introduction of renewable energy storage systems and the promotion of electric vehicles are the unanimous implementation of governments and enterprises around the world. The most critical strategic component is the lithium ion battery. Whoever has a higher energy density, lower cost, and higher safety lithium battery will control the development trend of this wave of safer lithium battery technology. All-solid-state batteries are a goal that everyone is striving to pursue. However, the stable and large scale production of solid-state