Retail sales post record decline of 13.3%DIVERGENCE: While retail sales slumped, manufacturing output rose 20.2% last month, bolstered by the stay-at-home economy amid the COVID-19 pandemicBy Angelica Oung / Staff reporterRetail sales last month plunged at the steepest pace in recorded Taiwanese history at 13.3 percent annually to NT$266.4 billion (US$9.5 billion), as consumers cut spending amid a nationwide level 3 COVID-19 alert, with restaurant and beverage sales posting an annual decline of 39.9 percent, Ministry of Economic Affairs statistics showed yesterday. With COVID-19 restrictions remaining in place this month, the ministry expects retail sales to contract at an even faster rate of 19 to 22 percent annually, while restaurant and beverage sales are forecast to dip by 43 to 49 percent. Photo: Fang Pin-chao, Taipei TimesClothing store sales dropped 53.9 percent year-on-year last month, and department store sales plunged 64.7 percent, ministry data showed. For the first half of the year, retail sales increased 5.8 percent annually to NT$1.92 trillion, supported by annual sales growth of 25.7 percent from virtual stores. Machinery equipment sales expanded 23.1 percent to a record NT$428.6 billion, while construction material sales grew at the fastest pace in the wholesale segment at 45.6 percent to NT$122.3 billion, a June record.

Source: Taipei Times July 23, 2021 15:56 UTC