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Financial News: Hong Kong Retail Sales Rise At Faster Rate

Hong Kong Retail Sales Rise At Faster Rate In July

08/29/2017 - 06:29:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales increased for the fifth straight month in July, and at a faster pace than in the previous four months, preliminary figures from the Census and Statistics Department showed Tuesday.

The value of retail sales climbed 4.0 percent year-over-year in July, much faster than the 0.1 percent rise in June.

Similarly, the volume of retail sales grew 4.6 percent annually in July, well above the 0.5 percent gain in the prior month.

The growth in July was underpinned by robust local consumption demand and further improvement in inbound tourism.

The value of sales of jewellery, watches and clocks, and valuable gifts increased notably by 12.9 percent yearly in July and those of wearing apparel rose by 1.6 percent.

At the same time, sales of electrical goods and photographic equipment registered a decline of 6.0 percent.

"Looking ahead, local consumer sentiment should remain sanguine under favorable job and income conditions," a government spokesman said.

"Nonetheless, the near-term performance of retail sales would also hinge on the recovery pace of inbound tourism amid various uncertainties in the external environment."

"The Government will monitor the situation closely."

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