Retail business in Latvia experiences a slight increase
Retail Trade in August 2024: Mixed Results Across Sectors
The latest retail trade figures for August 2024 show a mixed bag of results, with some sectors experiencing growth while others saw a decline.
Overall, the total turnover of retail trade enterprises rose by a modest 0.3%, according to the latest data from the Central Statistical Bureau (CSB). However, this increase was primarily driven by non-food products, which saw a rise of 1.5%.
In the non-food category, several sub-sectors reported positive growth. Retail sale of hardware, instruments, construction materials, and sanitary equipment increased by 1.3%, while retail trade in pharmaceutical and medical goods rose by 1.2%. Notably, retail sale of information and communication equipment in specialised stores saw a significant increase of 8.9%.
On the other hand, retail trade in food products took a hit, with a fall of 4.6% in the given period. This decline was also reflected in the turnover of retail sale of automotive fuel, which decreased by 0.2% and 0.6%, respectively, compared to July 2024 (seasonally adjusted).
The retail sector that saw the most significant growth was retail sale via mail order houses or via the Internet. The sector experienced a rise of 14.5% in August, following a 3.1% increase in July. This growth was particularly noticeable in the sale of cosmetics and toiletries, which rose by 7.1%.
However, not all sectors fared well. Retail sale in stalls or markets experienced a drop of 12.6%, and retail sale in non-specialised stores selling mainly non-food products declined by 2.4%. Retail sale of electrical household appliances in specialised stores also decreased by 2.3%.
The retail sale of cultural and recreation goods remained unchanged at 98.1% compared to July 2024 (seasonally adjusted). Retail sale of clothing, footwear, and leather goods also increased by 1.0% in the same period.
It's worth noting that there are no search results available that specify who led the trade statistics department of CSB in August 2024 or which trade areas were highlighted in that month.
These figures provide a snapshot of the retail trade landscape in August 2024. As the industry continues to evolve, it will be interesting to see how these trends develop in the coming months.
