Taiwan's Business Turnover Hit Record Monthly High of NT$1.2418 Trillion in October

Thanks to rising domestic demand and department stores' anniversary sale promotions, Taiwan's business turnover hit monthly record high of NT$1.2481 trillion (US$41.6 billion) in October, up  an annual 1.5%, according to the statistics released by the Ministry of Economic Affairs (MOEA).

In the first 10 months such turnover, including wholesale, retail and catering, accumulated to NT$12.0588 trillion (US$401.96 billion), up 2.9% year on year and are estimated to rise to NT$14.5 trillion (US$483.33 billion) for 2014 to set an annual record high.

K. H. Yang, deputy director of the Statistics Department of MOEA, indicates that in October the wholesales of home appliances and cosmetics & drugs both were on  uptrend with the former up an annual 9.1% to NT$37 billion (US$1.23 billion) and the latter hitting monthly record high of NT$39.6 billion (US$1.32 billion), to boost total wholesale to NT$862.2 billion (US$28.74 billion) for a slight rise of 0.8% year-on-year.

However in the same month  wholesale of automobiles and motorcycles declined 1.9% YoY for the first negative growth since September 2013 and that of food, beverage & tobacco fell 2.4% YoY due mainly to the impact of the recent tainted cooking oil crisis.

The tainted oil crisis also sapped retail sales of particularly baked goods, confections and F&B. In September turnover of such businesses dropped NT$2.8 billion (US$93.33 million) and shrank  NT$1.86 billion (US$62 million) in October. Nevertheless, October  sales of fresh fruits & vegetables, imported oil and organic foods in supermarkets increased 5.5% YoY. (JL)