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2024-06-21 17:06:46
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China's retail sales grew by 3.7% year-on-year in May 2024, accelerating from a fifteen-month low of 2.3% rise in the previous month and compared to market forecasts of 3% gain. This marked the 16th consecutive month of growth in retail trade, and the sharpest since February 2024, as sales grew for grain, oils & food (9.3% vs 8.5% in April), home appliances (12.9% vs 4.5%), oil products (5.1% vs 1.6%), personal care (7.7% vs 4.4%), furniture (4.8% vs 1.2%) and communications equipment (16.6% vs 13.3%). Additionally, sales rebounded for clothing (4.4% vs -2%) and office supplies (4.3% vs -4.4%), while decreased at a softer pace for car (-4.4% vs -5.6%). In contrast, sales slowed for tobacco & alcohol (7.7% vs 8.4%) and Chinese & Western medicine (4.3% vs 7.8%). On a monthly basis, retail trade rose 0.51% in May, the most since October 2023, from an upwardly revised 0.06% increase in the previous month. For the first five months of the year, retail turnover grew by 4.1%.
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