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Retail up 10% in April boosted by online sales

Published: 28 May. 2024, 20:01

PARK EUN-JEE
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Shoppers purchase groceries at a supermarket in Seoul on May 26, 2024. [YONHAP]

Retail sales in Korea grew 10.8 percent on year in April on the back of stronger demand from the online segment, data showed Tuesday.

The combined sales of 25 major offline and online retailers came to 15.4 trillion won ($11.2 billion) for last month, compared with 13.9 trillion won tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

Offline store sales moved down 0.2 percent during the period due to the reduced number of weekend days, which totaled eight, down two from the previous year.

Supermarket sales fell 6.7 percent, following weaker demand for electronics, daily necessities and sports items.

Sales at department stores also decreased 2 percent, with the demand for imported luxury items falling 3.3 percent.

Convenience stores, on the other hand, saw their sales advance 5.9 percent on the back of tobacco products and processed food.

Sales from online platforms shot up 22.2 percent as local retailers rolled out promotion events to address the growing popularity of overseas platforms.

Online platforms accounted for 54 percent of total sales in April, up from 49 percent a year earlier, the ministry said.

Yonhap