Turkey’s retail sales witness second consecutive monthly decline in April
Date
6/11/2024 7:56:18 AM
(MENAFN) According to recent data released by the Turkish Statistical Institute (TurkStat), Türkiye experienced a second consecutive monthly decrease in retail sales during April, with a notable 1.8 percent drop from the previous month. This decline follows March's downwardly revised 0.2 percent decrease, indicating a continued trend of subdued consumer spending.
The data revealed that retail trade volume for non-food items, excluding automotive fuel, recorded a significant decline of 3.1 percent during the same period. Additionally, sales of automotive fuel experienced a modest decrease of 0.3 percent. However, there was a contrasting increase of 0.7 percent in sales of food, drinks, and tobacco from the previous month.
Delving further into non-food items, the report highlighted that electronic goods and furniture witnessed the most substantial decline, experiencing a notable decrease of 5.7 percent in sales volume during April.
Despite the monthly decline, retail sales in Turkey surged by 10.2 percent on an annual basis in April. However, this growth rate represents a slowdown from the impressive 19.8 percent year-on-year increase observed in March.
Annualized data also indicated a positive trajectory in non-food sales, excluding automotive fuel, which rose by 13.3 percent in April compared to the previous year. Conversely, automotive fuel sales saw a decline of 3.7 percent annually.
The observed fluctuations in retail sales underscore the dynamic nature of Turkey’s consumer market, influenced by a variety of economic factors and consumer behaviors. As the country navigates through changing economic landscapes, monitoring retail sales trends remains crucial for understanding broader consumption patterns and economic health.
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