Retail Sales Index for February 2021

Retail sales grew by 5.2% in February 2021 on a year-on-year basis, a reversal from the 6.1% year-on-year decline recorded in January 2021. Excluding motor vehicles, retail sales increased 7.7% in February 2021, compared to the 8.4% decline in January 2021. The improvement in retail sales performance was mainly associated with the Chinese New Year celebrations in February this year; it was in January last year. Comparing the performance for the January to February two-month period of the festivities, retail sales declined 1.2% in 2021 compared to 2020. Excluding Motor Vehicles, retail sales declined 1.6%. On a seasonally adjusted basis, retail sales fell 1.6% in February 2021 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales decreased 1.2% compared to January 2021.

The estimated total retail sales value in February 2021 was about $3.3 billion. Of this, online retail sales made up an estimated 10.1%, compared to the 10.2% recorded in January 2021. Excluding motor vehicles, the total retail sales value was about $2.8 billion, where online retail sales made up 11.7%. Online retail sales of the Computer & Telecommunications Equipment, Furniture & Household Equipment and Supermarkets & Hypermarkets industries made up 44.3%, 26.0% and 10.7% of the total sales of their respective industry.