MNI BRIEF: Taiwan's November Retail Sales Growth Slows To 1.4%

Retail sales in Taiwan grew by 1.4% y/y in November, marking the fifth month the pace of growth has slowed, according to the Ministry of Economic Affairs on Friday.

Growth in sales has dropped significantly from the mid-year consumption boost that saw June and July post 22.5% y/y and 18.1% y/y increases respectively.

Retail sales for November totalled NT$382.7 billion (USD 12.45 billion), with sales from supermarkets and convenience stores up 3.6% and 6.2% respectively, offset by decreases in communications equipment and hypermarkets which declined 8.1% and 3.2% respectively.

Taiwan’s private consumption is predicted to grow by 3.29% in 2022, as COVID-19 restrictions are eased, and employment and wages raises, according to the National Development Council. (SEE MNI BRIEF: Taiwan Unemployment Rate Falls In October - Bonds & Currency News | Market News)

Wholesale trade decreased by 8.3% compared with the same month in 2021, and sales of food and beverages increased by 13.3% y/y.