Taiwan experienced an expansion in its industrial production during March, following a decline in the preceding month, as per the initial data released by the Ministry of Economic Affairs. However, there was a noticeable slowdown in retail sales growth towards the end of the initial quarter of the year.
In comparison to the previous year, industrial production surged by 3.99 percent in March, overturning the revised decline of 1.31 percent witnessed in February. A closer look at the main sectors reveals a robust recovery in manufacturing output, with a yearly increase of 4.01 percent in March. Besides, the utility sector also saw a production growth of 4.28 percent. On the flip side, mining and quarrying output continued to plummet, with a significant drop of 11.63 percent.
When viewed on a month-to-month basis, industrial production saw a seasonally adjusted dip of 0.81 percent from February, contradistinctive from the 3.33 percent rise seen in the previous month.
Another study by the statistical office registered a notable drop in the annual retail sales growth rate, slowing to 0.71 percent in March from 9.33 percent of the preceding month. Specialized stores experienced a decrease in sales of food, beverages, and tobacco by 2.76 percent. Additionally, growth in sales of textiles and clothing in specialized stores decelerated substantially to 5.5 percent from its previous rate of 24.2 percent.
