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In May, the turnover of the retail trade continues to grow – Economy, finance

Photo; https: //www.em.gov.lv/

After faster growth this year In April, the growth rate of retail turnover decreased in May and was 3.8% higher than in May of the previous year (data without adjusting to constant prices).

In January-May, the retail trade turnover increased by 0.8% year-on-year. Taking into account the restrictions on trade in non-food products, the retail trade of non-food products decreased by 2.3%. Trade in food products increased slightly (1.2%).

In May, the annual turnover of non-food retail trade increased by 6.5%, which represents the majority of total trade. This year’s On April 7, several retail restrictions were lifted. In May, the turnover of the retail trade increased in all product categories, except the retail sale of clothing, footwear and leather goods, which decreased by 14%. This could be explained by the lifting of restrictions, followed by a strong shopping spree in April, as residents rushed to make previously postponed purchases. Thus, in May a certain saturation of purchases was reached and the volume of purchases decreased. The retail trade of books, newspapers, stationery, audio and video recordings was the one that grew the most (by 25%), the retail sale of electrical appliances in specialized establishments (by 23%) and the retail sale less information and communications technology equipment in specialized establishments (by 22%).

In the breakdown by point of sale, the fastest positive changes were in second-hand retail stores (a 32% increase) and other retail sales not in stores, stalls or markets (a 33% increase). Purchases at stalls and markets also increased (by 13%) and non-store retail, stalls and markets (by 12%). With resumption of on-site sales on a larger scale, distance purchases declined significantly, growing by just 6% in May (compared to 47% in March).

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Groceries Retail sales in May were almost at the same level as a year ago and were 0.3% lower than in May 2020.

Retail fuel turnover at service stations in May was 5% higher than in May 2020.

The future retail situation is expected to be greatly affected by the lifting of trade restrictions related to the Covid-19 pandemic and the ability of merchants and buyers to adapt to changing circumstances. The gradual expansion of on-site sales in large shopping centers and compliance with established epidemiological safety measures will have a positive effect on the development of retail trade.

Ministry of Economy