FX.co ★ South Africa Retail Sales Fall Unexpectedly By 2.1%

Retail sales in South Africa surprisingly fell in January, in spite of rallying robustly in the month prior, according to data released by Statistics South Africa on Wednesday.

In January, retail sales plunged 2.1 percent year-on-year on an unadjusted basis, after showing a 3.2 percent increase in December.

The most significant decrease, 6.6 percent, was in sales of textiles, clothing, footwear and leather goods, compared to a year ago. This was followed closely by pharmaceuticals, medical goods, cosmetics, and toiletries, which experienced a 4.4 percent fall.

Sales demand for hardware, paint, and glass also dropped 4.3 percent year-on-year. Nonetheless, general dealers reported a slight increase in sales, up 0.2 percent.

Comparatively, from a month-to-month perspective, retail sales fell 3.2 percent in January, in contrast to a 1.3 percent increase recorded in December.