Sales in the retail sector in the first two months of the year rose 4.3 percent year-on-year to NT$769.3 billion (US$24.14 billion), the highest for the same period on record, the Ministry of Economic Affairs said yesterday.
Sales for the first two months are reported together to factor out the effects of the week-long Lunar New Year holiday, when many businesses are closed. The holiday was in January last year, but in February this year.
Rising sales of vehicles and general merchandise due to a series of promotional campaigns before the Lunar New Year holiday, as well as higher revenue generated by convenience stores, were the main drivers, the ministry said in a report.
Photo: Peter Lo, Taipei Times
An increase in e-commerce and catalog sales as firms launched marketing campaigns before the holiday also contributed to the growth, it added.
For this month, the ministry forecast that the retail sector’s growth momentum would continue thanks to seasonal demand for clothing and related products and special sales promotions related to International Women’s Day and White Valentine’s Day.
Retail sales are to grow between 0.3 and 3.3 percent annually to between NT$371.6 billion and NT$382.7 billion this month, it said.
The food and beverage sector also posted record-high sales of NT$188.4 billion for the first two months, representing an annual increase of 5.7 percent, as holiday consumption benefited restaurants, while travel demand boosted catering services for international flights, the report said.
The sector’s sales this month are expected to fall from last month due to fewer holidays, but sales are likely to grow from a year earlier, up 8.8 to 11.8 percent to between NT$83.9 billion and NT$86.2 billion, as firms remain active in brand development and store expansion, it added.
Meanwhile, the wholesale sector witnessed a 9.1 percent annual rise in sales to NT$1.94 trillion during the first two months, mainly driven by demand for machinery equipment used to develop emerging artificial intelligence (AI) and high-performance computing (HPC) applications, the report said.
Higher steel prices and kitchenware shipments also boosted the wholesale revenue of building materials, while channel distributors and restaurants’ piling up inventory contributed to revenue growth in wholesale food, beverage and tobacco products, it added.
This month, the wholesale sector would see sales grow from a year earlier, up 5.8 to 8.8 percent to between NT$1.08 trillion and NT$1.11 trillion, due to stable domestic consumption and steady demand for new technology applications such as AI, the ministry said.
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