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Financial News: Hong Kong Retail Sales Decline At Slower Pace

Hong Kong Retail Sales Decline At Slower Pace

07/02/2019 - 06:54:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined moderately in May, after falling at a faster rate in the previous month, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume fell 1.7 percent year-on-year in May, after a 5.0 percent decline in April.

The retail sales value slid 1.3 percent on year in May, following a 4.5 percent fall in the previous month. Economists had expected a 4.3 percent fall.

Sales of other consumer goods rose by 3.3 percent annually in May. Sales of food, alcoholic drinks and tobacco, and department stores increased by 3.1 percent and 0.3 percent, respectively.

Meanwhile, sales of consumer goods durable declined the most by 9.3 percent in May. Fuels sales fell by 5.2 percent and that of clothing, footwear and allied products decreased by 3.7 percent.

"Retail sales registered a narrower decline in May, partly due to the late arrival of the Labour Day holidays in the Mainland this year, which had led to a visibly larger year-on-year rise in visitor arrivals in May," a government spokesman said.

"The outlook for retail sales will likely be clouded by the still-cautious consumption sentiment amid an uncertain global economic environment."

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