Taiwan retail sales set a record in October, according to data from the Ministry of Economic Affairs (MOEA).

Retail sales rose 4.2 per cent year on year to NT$340.7 billion (US$11.16 billion), the highest ever recorded for October and following year-on-year sales increases for every month of this year to date.

According to a Focus Taiwan report, the figures indicate that global trade tensions have largely not impacted private consumption in the country.

“Wealth effects arising from a booming local stock market prompted consumers to shop,” said MOEA’s statistics department deputy head Wang Shu-chuan, “although the domestic economy has been affected by a global slowdown amid unfavourable trade issues.” 

Taiwanese retail sales by department stores rose 2.5 per cent to NT$40.6 billion ($1.33 billion) while supermarket sales grew 8.8 per cent to NT$18.0 billion ($590 million).

For the first 10 months of the year, Taiwan retail sales rose 2.9 per cent.