Turnover down but food retail maintains weak growth trend
The April estimate of retail trade has been released by the Australian Bureau of Statistics with the trend estimates unchanged from March this year.
Food retail has experienced weak trend growth for the sixth straight month, with a decline estimate in the trend growth only witnessed in New South Wales. This decline in trend for NSW has now been seen for five months with all other states experiencing moderate or weak trend growth for the month of April.
Across all industries retail turnover was down by 1.6% on last month, with a 5.1% decline for the month recorded in the food retail sector. A drop in food retail turnover in April is consistent with figures from the last three years, however, of concern is that the 5.1% drop is noticeably greater than the 3.3% fall seen in April last year. Seasonally adjusted figures indicate a 1.1% fall in the food retail sector, comparing unfavourably to the .2% seasonally adjusted decline in retail turnover.
Overall food retail turnover for April was at $7,980.9 million, representing a $21.7 million (.25%) increase on turnover in the corresponding month last year.