Revenues in both the retail and the food and beverage sectors hit record highs in May as domestic demand showed stable growth during the month, the Ministry of Economic Affairs (MOEA) said Monday (June 24).
Retail sales rose 3 percent year-on-year to NT$319.5 billion (US$10 billion) in May, while revenues in the food and beverage industry registered 5.2 percent growth to NT$67.9 billion, according to a report released by the MOEA on Monday.
Both figures were the highest ever in May, the MOEA said.
Rising motor vehicle sales, newly opened department stores, the expansion of convenience stores, and strong demand for luxury goods drove up retail revenues in May, said Wang Shu-chuan (王淑娟), deputy head of the MOEA's statistics department.
The food and beverage industry benefited from family dining related to the Mother's Day celebrations and the expansion of some restaurants, Wang said.
Revenues for the wholesale sector in May, however, fell 5.7 percent year-on-year to NT$851.8 billion, the MOEA data showed. The machinery and construction materials sectors were particularly hard hit due to the U.S.-China trade conflict.
As for the month of June, domestic consumption is expected to expand due to government subsidies for energy-saving appliances and winter travel, plus other factors such as higher household income, Wang said.
The retail and food and beverage sectors are expected to continue their positive momentum due to the Dragon Boat Festival vacation and the graduation season, while the wholesale sector is likely to post negative growth again due to the U.S.-China trade conflict, Wang said.