China: Retail trade soared in 2010, supported by resilient car sales
January 20, 2011
In December, nominal retail sales added 19.1% over the same month the previous year. The figure beat market expectations, which had expected sales to remain unchanged at November's 18.7%. As a result, 2010 full-year growth reached 18.4%, up from the 15.5% increase tallied in 2009. The robust monthly figure was driven by buoyant car sales, as December was the last month before the expiry of tax cuts for the acquisition of new cars. Automobile sales, which account for more than 25% of total retail sales, increased 37.2% year-on-year in the final month of the year, up from 33.6% in November. In addition, higher sales of communication appliances fanned the December result, rising 49.4% over the same month the year before.