South Korea January dept, discount store sales seen rebounding from December
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Annual sales at South Korea’s top department and discount stores in January were seen rebounding from the previous month, finance ministry estimates showed on Friday, backing recent policymaker comments that consumption is steadily recovering.
Combined sales at department stores run by Hyundai Department Store, Lotte Shopping and Shinsegae rose 9.6 percent in January from a year ago, the finance ministry said in a monthly report.
Sales at major discount stores were seen to jump 13.4 percent over the same period, the data showed.
Figures from the trade ministry, which will publish confirmed numbers later in the month, had shown department stores’ December sales fell 5.7 percent and discount store sales had been down 5.1 percent on-year.
The finance ministry data also showed gasoline and diesel sales in volume terms had gained 8.5 percent in January from a year ago, which was the fastest rise in three months and compared to a 4.3 percent rise in December.
The ministry said in the report that domestic consumption had steadily posted positive growth while production and investment were showing signs of improvement. However, it noted that external risks to the economy were increased by slowing Chinese growth, geopolitical risks sparked by a rocket launch from North Korea on Sunday, falling oil prices, and jitters stemming from the direction of U.S. monetary policy.
Questions & Answers
Q.What was the growth in department store sales in South Korea during January?
What was the growth in department store sales in South Korea during January?
Combined sales at department stores operated by Hyundai Department Store, Lotte Shopping, and Shinsegae increased by 9.6 percent in January compared to the previous year, according to the finance ministry's monthly report.
Q.How did discount store sales perform in January compared to the previous year?
How did discount store sales perform in January compared to the previous year?
Major discount stores saw an estimated increase of 13.4 percent in sales in January compared to the same period a year ago. This data was provided by the finance ministry.
Q.What economic concerns did the finance ministry highlight in its report?
What economic concerns did the finance ministry highlight in its report?
The ministry noted several external risks including slowing Chinese growth, geopolitical risks from North Korea, falling oil prices, and uncertainty regarding U.S. Monetary policy, which increased risks to the economy.
Q.What was the previous month's sales performance for department and discount stores?
What was the previous month's sales performance for department and discount stores?
According to trade ministry figures, department store sales in December fell 5.7 percent, and discount store sales were down 5.1 percent on-year. The January figures represent a rebound from these declines.