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Financial News: Hong Kong Retail Sales Rise Slightly In April

Hong Kong Retail Sales Rise Slightly In April

06/01/2017 - 05:44:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales increased for the second straight month in April, though marginally, preliminary figures from the Census and Statistics Department showed Thursday.

The value of retail sales edged up 0.1 percent year-over-year in April, much slower than the 3.0 percent rise in March. That was also well below the 2.8 percent climb economists had expected.

At the same time, retail sales volume dropped 0.1 percent annually in April, reversing a 2.6 percent gain in the prior month.

The value of sales of jewellery, watches and clocks, and valuable gifts increased 0.5 percent annually in April and those of wearing apparel grew by 2.1 percent.

On the other side, the value of sales of commodities in supermarkets dropped 0.6 percent.

"Retail sales held largely stable in April compared with year-ago levels, amid the sustained recovery of visitor arrivals. In recent months, the drag from the fall in tourist spending eased and local consumer sentiment continued to hold up well," a government spokesman said.

"Looking ahead, the near-term outlook for retail sales will hinge on the recovery pace of inbound tourism as well as the resilience of local consumption sentiment in face of the US interest rate upcycle and other external uncertainties. "

"The Government will continue to monitor the situation closely."

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