MNI BRIEF: Taiwan's Retail Sales Recovery Slows In Oct

Taiwan retail sales increased 2.1% y/y in Oct, slowing from double digit rates of growth over recent months, according to data released by the Ministry of Economic Affairs on Wednesday.

Retail sales were up 7.7% m/m, with spending on household appliances and goods in specialized stores up 19.4%, partially offset by a decrease in pharmaceutical and medical goods of 4.7%. Sales of food and beverage increased 13.8% y/y in October, as event catering and other food service activities increased 27%.

Wholesale trade contracted 4.2% m/m in October, the second straight month-on-month decline, but was up 4.3% compared to the same month in 2021. Wholesale machinery and equipment trade fell 8.6% m/m, which was partially offset by an increase in general merchandise of 7.91%.