Taiwan's Business Turnover Up 2.1% to Record High of NT$3.47 Trillion in Q1

Taiwan's business turnover rose 2.1% from a year earlier to NT$3.4682 trillion (US$115.61 billion) in the first quarter of this year, the highest for the same quarter on record, according to the Ministry of Economic Affairs (MOEA).

MOEA officials indicate that revenues of retailing and restaurant sectors both hit record highs in the same quarter with annual growth of over 3% each, with the wholesale sector's revenue being the second highest of its kind with annual rise of 1.5% to NT$2.4 trillion (US$80 billion).

In March alone business turnover totaled NT$1.1850 trillion (US$39.5 billion), up 1.5% year-on-year for the seventh consecutive monthly rise. In the same month retail sales amounted to NT$312.5 billion (US$10.42 billion), turning from negative to positive 4.6% YoY growth. Among the items, automobile and motorcycle sales posted the highest annual rise of 11.3%.

During the month retailing sales of general products grew 7.1% YoY, with restaurant revenue climbing 4% to NT$34.1 billion (US$1.14 billion) and convenience store revenue jumping 10% to NT$24.7 billion (US$823.33 million) for the second monthly highest.

In March the manufacturing production index stood at 104.66, showing an annual rise of 3.5% and in the first quarter the index shrank to 97.73, up 2.74% year on year. And the directional movement index of the manufacturing industry posted at 52.5, higher than the medium point of 50 to suggest improving business climate in the following month. (JL)