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Revenues in retail, food sectors hit record highs in June: MOEA

2019/07/23 21:34

Taipei, July 23 (CNA) Revenues in both the retail and the food and beverage sectors hit record highs in June, with domestic demand showing stable growth during the month, the Ministry of Economic Affairs (MOEA) said Tuesday.

Retail sales rose 4.5 percent year-on-year to NT$311.3 billion (US$10.01 billion) in June, while revenues in the food and beverage industry registered 5.1 percent growth to NT$68.6 billion, according to a report released by the ministry.

Both figures were the highest-ever for June, the MOEA said.

Rising salaries and an increase in the number of foreign tourists, as well as the government's various tax reduction policies, have all contributed to increased consumer spending, said Wang Shu-chuan (王淑娟), deputy head of the MOEA's statistics department.

Wang said she also expects the revenue growth for both sectors to continue into the second half of this year.

According to the MOEA, the retail and food and beverage sectors are forecast to grow by 2 percent-5 percent, and 3 percent-6 percent, respectively, in July.

In terms of the wholesale sector in June, revenues fell 6 percent year-on-year to NT$834.4 billion, the MOEA data shows.

The ongoing U.S.-China trade dispute, coupled with depreciating prices for memory chips, other electronic components and raw materials such as steel and petrochemicals, have all contributed to the decline.

The wholesale sector is projected to stay at a low level in the second half of this year, mainly because Wang said she does not expect prices for electronic components and raw materials to bounce back anytime soon on the international market.

The MOEA estimated that revenues for the wholesale sector will reduce by 6 percent-9 percent in July compared with the same month of last year.

(By Liao Yu-yang and Ko Lin)Enditem/J