South Korea’s Retail Sales See Uptick in April
(MENAFN) South Korea experienced a 7.0 percent rise in retail sales last month, driven primarily by strong online purchases of food, daily essentials, and services, according to government statistics released Wednesday.
The Ministry of Trade, Industry and Energy reported that total sales combining both physical and digital retailers increased by 7.0 percent year-on-year in April. This growth rate was slower than the 9.2 percent jump recorded in March.
Online retailers saw their revenue soar 15.8 percent in April, marking the 20th consecutive month of double-digit expansion since September 2023.
Conversely, offline retail sales declined by 1.9 percent compared to April of the previous year, following decreases of 7.7 percent in February and 0.2 percent in March.
Sales in the online food category surged by 21.3 percent, while digital purchases of daily necessities rose 7.7 percent.
Demand for online services — covering travel, food delivery, and e-coupon transactions — surged dramatically by 50.1 percent. However, virtual sales of clothing and sports goods experienced a drop last month.
Offline demand for home appliances fell sharply by 12.1 percent. Meanwhile, in-store sales of clothing, sports equipment, food, and daily necessities all saw modest single-digit declines.
Additionally, revenue at discount stores, department stores, and convenience outlets all posted single-digit downturns during April.
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