China consumer goods sales drop 1.1% year-on-year

Retail sales of consumer goods in July fell 1.1 percent year-on-year to 3.220.3 billion yuan, China’s National Bureau of Statistics reported on Friday (August 14th) in a report. declaration.

Retail sales in cities fell 1.1% year-on-year to 2,802.5 billion yuan, while retail sales in rural areas fell 1.3% to 417.8 billion yuan .

The Bureau also reported that industrial production was increasing steadily, while high-tech and equipment manufacturing was expanding rapidly. In addition, the service output index rose 3.5% year-on-year in July.

“Production and supply continued to recover, market demand gradually recovered, employment and prices were generally stable, new driving forces developed and prospered, and market confidence was strengthened, ”the Bureau said in its report. “The national economy has maintained a steady recovery trend.”

The overall export value reached 1,684.6 billion yuan and the total import value reached 1,242.4 billion yuan.

The news came when it was reported that the Chinese economy increased by 3.2 percent in the second quarter of this year compared to April to June 2019. The success contrasted with other major economies around the world, which were still feeling the negative effects of the pandemic.

China’s economy had become 6.8% smaller in the first quarter compared to a year ago, marking the country’s first contraction since it began reporting its gross domestic product in the early 1990s.

In a separate short story, the US Census Bureau published about $ 536 billion in advanced US retail and food service sales for July, an increase of 1.2 percent (± 0.5 percent) from the previous month and 2, 7 percent (± 0.7 percent) compared to the same month in 2019.

Retail sales increased 0.8 percent (± 0.5 percent) from the previous month and 5.8 percent (± 0.7 percent) from the previous year. Non-store traders increased 24.7% (± 1.4%) from the same month in 2019, while food and beverage stores increased 11.1% (± 0.9%) compared to last year.

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