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China records 12.7% growth in retail sales in May 2023
16 Jun '23
1 min read
Pic: QinJin / Shutterstock.com
Insights
- China's retail sector reported a 12.7 per cent YoY growth in May 2023, a decrease from April's 18.4 per cent YoY growth, according to National Bureau of Statistics (NBS) data.
- Despite the decline, the country's overall retail sales for the first five months of 2023 increased 9.3 per cent YoY, totalling 18.76 trillion yuan ($2.62 trillion).
China reported a 12.7 per cent year-on-year (YoY) growth in retail sales of consumer goods in May 2023 compared to the same month last year, according to data by the National Bureau of Statistics (NBS).
Though this figure shows a decrease from April's 18.4 per cent YoY growth, the overall retail sales in the first five months of 2023 still surged by 9.3 per cent YoY.
The country’s retail sales totalled 18.76 trillion yuan (approximately $2.62 trillion) in the first five months of 2023, as per NBC.
Fibre2Fashion News Desk (DP)
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