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China's consumer goods retail sales mark 18.4% YoY growth in Apr 2023

17 May '23
1 min read
Pic: Shutterstock/fiphoto
Pic: Shutterstock/fiphoto

Insights

  • China's retail sales of consumer goods surged 18.4 per cent year-on-year in April 2023, according to data released by the National Bureau of Statistics (NBS).
  • The first four months of 2023 also showed an 8.5 per cent year-on-year growth.
  • Total sales during the January-April 2023 period hit 14.98 trillion yuan, which is approximately $2.16 trillion.
Retail sales of China’s consumer goods went higher by 18.4 per cent year-on-year (YoY) in April 2023. This trend was reflected in the first four months of 2023 as well, registering a growth of 8.5 per cent on a YoY basis, as per the National Bureau of Statistics (NBS).

The total sales reached a staggering 14.98 trillion yuan (around $2.16 trillion) in the January-April period of 2023, said local media reports quoting NBS data.

The country’s urban retail sales in March amounted to nearly 3.29 trillion yuan, a YoY increase of 10.7 per cent, while rural retail sales increased by 10 per cent YoY. In March, retail sales of goods grew by 9.1 per cent YoY, reaching around 3.41 trillion yuan.

In the first quarter of fiscal 2023, online consumption remained strong, with online retail sales growing by 8.6 per cent YoY, totalling about 3.29 trillion yuan in the first three months.

ALCHEMPro News Desk (NB)
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