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Suzhou economy: Jan-Nov report revealed

Suzhou Bureau of Commerce | Updated:2023-12-31 20:05

People flock the Bicester Suzhou Shopping Village. [Photo/Suzhou Daily]

The Suzhou Bureau of Statistics released the city's economic report covering January to November on Dec 25.

During this period, Suzhou achieved total retail sales of social consumer goods at 8.76 trillion yuan ($1.23 trillion), showing a year-on-year growth of 6.3 percent.

Specifically, the retail sales in the wholesale and retail industry reached 8.07 trillion yuan, indicating a 5.4 percent increase, while the retail sales in the accommodation and catering industry reached 692.66 billion yuan, boasting a year-on-year growth of 18.4 percent.

Online consumption showcased outstanding performance, constituting 11.3 percent of the total retail sales of social consumer goods in the wholesale and retail industry, a 0.5 percentage point increase from the previous year.

Suzhou experienced year-on-year growth in retail sales of sports and entertainment goods (36.3 percent), traditional Chinese and Western medicines (11.6 percent), and jewelry (9.6 percent).

In November alone, Suzhou's total import and export volume amounted to 2.37 trillion yuan, indicating a year-on-year growth of 15.1 percent.

Notably, the city's import and export volume with countries involved in the Belt and Road Initiative experienced an 18.4 percent increase compared to the previous year.