Taiwan retail sales hit new high in October
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Taiwan retail sales set a record in October, according to data from the Ministry of Economic Affairs (MOEA).
Retail sales rose 4.2 percent year on year to NT$340.7 billion (US$11.16 billion), the highest ever recorded for October and following year-on-year sales increases for every month of this year to date.
The figures indicate that global trade tensions have largely not impacted private consumption in the country.
“Wealth effects arising from a booming local stock market prompted consumers to shop,” said MOEA’s statistics department deputy head Wang Shu-chuan, “although the domestic economy has been affected by a global slowdown amid unfavorable trade issues.”
Taiwanese retail sales by department stores rose 2.5 percent to NT$40.6 billion ($1.33 billion) while supermarket sales grew 8.8 percent to NT$18.0 billion ($590 million).
For the first 10 months of the year, Taiwan retail sales rose 2.9 percent.
Questions & Answers
Q.What was the total value of retail sales in Taiwan during October?
What was the total value of retail sales in Taiwan during October?
Taiwan's retail sales in October reached NT$340.7 billion, which is equivalent to US$11.16 billion. This figure represents the highest ever recorded for the month of October.
Q.What contributed to the increase in retail sales despite global trade issues?
What contributed to the increase in retail sales despite global trade issues?
The MOEA's statistics department deputy head attributed the sales increase to 'wealth effects' from a booming local stock market. This prompted consumers to continue shopping, even with global slowdowns.
Q.How did specific retail sectors perform in Taiwan during October?
How did specific retail sectors perform in Taiwan during October?
Department stores saw a 2.5 percent rise in sales, reaching NT$40.6 billion. Supermarket sales experienced stronger growth, increasing by 8.8 percent to NT$18.0 billion.
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