TAIPEI (Taiwan News) – Restaurants and food outlets are likely to do well during the near future with the return of warmer weather and short holidays, the Ministry of Economic Affairs (MOEA) said Thursday (March 28).

During the Lunar New Year period in February, the retail, restaurant, food and drinks sectors scored their best result for a month, per CNA. With the start of a new season and the arrival of summer, the positive trend is expected to continue, the MOEA said.

January-February revenue for the retail sector reached NT$769.3 billion (US$24.03 billion), an increase of 4.3% from the same period in 2023. For the food and drinks sector, the rise amounted to 5.7% to a total of NT$188.4 billion.

The overall outlook for Taiwan’s economy is also favorable, with inflationary pressure subsiding and interest rates likely to come down around the world. Exports recorded their fourth consecutive monthly rise in February, up 1.3% from February 2023 to reach US$31.4 billion (NT$1 trillion).

As for the near future, the success of AI, high performance computing, and automotive electronics was likely to outweigh the impact of the technology war between the United States and China and of regional risks. The need for servers and semiconductors was likely to keep fueling exports, the MOEA concluded.