Retail sales and food and beverage sector revenue last month hit single-month highs, the Ministry of Economic Affairs (MOEA) said on Thursday.
Retail sales for last month totaled NT$408.2 billion (US$13.49 billion), an increase of 4.2 percent from a year earlier, while sales posted by the food and beverage sector totaled NT$99.5 billion, up 31.2 percent, ministry data showed.
However, sales of wholesale items last month totaled NT$915.7 billion, down 18.4 percent from a year earlier, the ministry said.
Photo: CNA
The decline in wholesale business was mainly caused by weak external demand and inventory adjustments by customers, MOEA’s Department of Statistics deputy director Huang Wei-chieh (黃偉傑) said.
As such, wholesale sales of machinery and equipment, building materials, chemicals and household appliances dropped 19.1 percent, 28.4 percent, 31.9 percent and 22.7 percent respectively from a year earlier, Huang said.
Growth in retail business was backed by peak consumer spending ahead of the Lunar New Year holiday, coupled with easing of COVID-19 restrictions, which facilitated a rise in demand for travel and shopping.
This upward trend was also reflected in the food and beverage sector, as it benefited from companies organizing year-end banquets, while families also dined out more during the holiday period last month.
With the government set to issue a cash subsidy of NT$6,000 to Taiwanese and eligible foreign nationals, the retail and catering sectors are expected to post steady growth this year, Huang said.
The economic growth rate is estimated to rise by 0.35 to 0.45 percentage points after the cash handout, which is expected in April, he said.
Commenting on government plans to issue vouchers worth NT$5,000 to visitors to help boost the tourism sector, Huang said such payments would help stimulate the retail and catering sectors, but its effect would not be reflected in GDP.
A slowdown in global consumer demand and inventory adjustments in the industrial supply chain mean the wholesale sector’s downward trend would continue, he added.
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