FX.co ★ Taiwan Industrial Output Falls; Retail Sales Growth Accelerates

In February, Taiwan's industrial production fell following a sharp recovery in January, according to preliminary data from the Ministry of Economic Affairs. In separate findings, retail sales were reported to have grown at their quickest rate in eight months.

A year-on-year decrease of 1.1% was recorded for industrial production in February, counteracting January's revised surge of 15.6%. Among the leading sectors, the most notable decline was seen in mining and quarrying output, which fell by 9.8% annually in February. Manufacturing was close behind with a 1.2% drop.

However, the utilities sector saw a slight advancement in output produced, increasing by 0.78% in February. Additionally, the water supply segment saw a 2.52% rise. Comparatively, month-on-month, industrial production saw a seasonally adjusted climb of 3.51% from January, when it increased by 1.0%.

In another report, the statistical office revealed that annual retail sales growth accelerated to an eight-month high of 9.3% in February, a significant increase from the 0.3% seen in January. Specifically, sales of food, beverages, and tobacco in specialised stores rebounded by 10.91%, while sales of textiles and clothing in specialised stores saw a significant jump of 24.2%.