Russia's retail turnover up 10.2% in December, 6.4% in 2023

Russia's retail turnover up 10.2% in December, 6.4% in 2023
Russia put in another strong year of retail sales, with turnover up 10.2% y/y in December and 6.4% for the whole of 2023. / bne IntelliNews
By bne IntelliNews February 8, 2024

Russia's retail trade turnover continued its strong growth in December, increasing by 10.2% year on year and expanding by 6.4% y/y over the whole of 2023 to reach a total of RUB47.4 trillion ($520.1bn) in comparable prices, RosStat reported on February 8. (chart)

In December 2023 alone, the retail trade turnover was RUB4.94 trillion ($54.2bn). Almost all of this turnover (95.7%) was attributed to trading companies and individual entrepreneurs, with retail markets and fairs contributing to the remaining 4.3%. This distribution marks a slight shift from the previous year's figures, which stood at 95.4% and 4.6% respectively, RosStat said.

E-commerce in Russia also experienced robust growth, with online retail sales soaring to 11.6% in December 2023, up from 9.2% in the corresponding period of the previous year.

The composition of the retail trade in 2023 was balanced between food items, including beverages and tobacco products, which accounted for 48% of the total, and non-food items, making up 52%, a slight change from 2021, when the shares were 49.4% for foods and 50.6% for non-foods respectively.

  

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