China’s garment retail sales up 7.2% in first nine months 2016

Retail sales of garments, footwear, hats and knitwear of Chinese enterprises above designated size increased 7.2 per cent year-on-year during the first nine months of 2016. The total value of retail sales of these goods was 1,002 billion yuan ($148.121 billion). However, the growth rate was lower compared to total retail sales of consumer goods.

During January-September 2016, the total retail sales of consumer goods reached 23,848.2 billion yuan, up by 10.4 per cent year-on-year. Of the total, the retail sales of consumer goods of units above designated size was 10,834.4 billion yuan, up 7.8 per cent, according to the National Bureau of Statistics of China.

The national online retail sales of goods and services during the nine-month period was 3,465.1 billion yuan, up 26.1 per cent year-on-year. Of this, the online retail sales of physical goods was 2,795.0 billion yuan, growing at 25.1 per cent and accounting for 11.7 per cent of the total retail sales of consumer goods. Of the online retail sales of physical goods, clothing sales went up by 16.3 per cent.

The Bureau also released its preliminary estimate of the Chinese economy during the first three quarters of 2016. According to the estimate, the gross domestic product (GDP) of China in the first three quarters of this year was 52,997.1 billion yuan, a year-on-year increase of 6.7 per cent at comparable prices. 

The value added of the primary industry was 4,066.6 billion yuan, up by 3.5 per cent year-on-year; that of the secondary industry was 20,941.5 billion yuan, up by 6.1 per cent; and that of the tertiary industry was 27,989.0 billion yuan, up by 7.6 per cent.

In terms of external trade, the total value of imports and exports in the first three quarters of 2016 was 17,531.8 billion yuan, a decrease of 1.9 per cent year-on-year. The total value of exports was 10,058.5 billion yuan, registering a drop of 1.6 per cent. The value of imports was 7,473.3 billion yuan, down by 2.3 per cent. The trade surplus was 2,585.2 billion yuan.