China has released activity data for Aprilincluding retail sales, which the current lockdowns were expected to weigh on, with consensus for a -6.6% yoy decline in April versus -3.5% seen in March.
The data has arrived as follows:
“Retail sales contracted 11.1% year-on-year in April amid further and stricter curbs on activity due to COVID-19, after falling 3.5% in March. The figure was below analysts’ expectations for a 6.1% drop.“, Reuters has reported.
On the other hand, industry and construction have been less affected by the Covid lockdownswith the industrial production data arriving as follows:
“China’s industrial production fell 2.9% in April from a year earlier, down sharply from the 5.0% rise recorded in March, data from the National Bureau of Statistics showed on Monday, and a growth weaker than the 0.4% expected“, Reuters has reported.
About retail sales in China
This data, published by the Chinese National Bureau of Statistics, accounts for all receipts for consumer goods sold. It reflects the total goods that the different industries provide to households and social groups through different means. It is an important indicator for studying changes in the Chinese retail market and reflects the degree of economic prosperity. In general, a favorable reading is considered positive or bullish for the CNY, while an unfavorable reading is considered negative or bearish.
Source: Fx Street
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