Taiwan Prospects Rosy

Sales generated by Taiwan’s retail sector and by the food and beverage sector both set new record highs in 2017, and 2018 could be another good year for them, according to the ministry of economic affairs, CNA reported. The MOEA said it was bullish on the two sectors’ prospects in part because of the government’s 3% pay raise this year for public employees, which is expected to boost private consumption. Retail sales in Taiwan totaled NT$4.15 trillion ($143 billion) in 2017, up 1.2% from 2016, when the previous high of NT$4.10 trillion was set, MOEA data showed. The local food and beverage sector saw sales rise 2.9% year-on-year to NT$452.3 billion in 2017, smashing the previous high of NT$439.4 billion seen in 2016. In December alone, Taiwan’s retail sales totaled NT$379.8 billion, up 3.5% from a year earlier, after a 4% year-on-year increase seen in November. It was the fifth consecutive month in which retail sales were up from the year earlier level, the data showed.