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Financial News: Hong Kong Retail Sales Growth Slows Further

Hong Kong Retail Sales Growth Slows Further

08/31/2021 - 06:17:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales rose at a slower pace in July, preliminary figures from the Census and Statistics Department showed Tuesday.

The retail sales value rose 2.9 percent year-on-year following a 5.8 percent increase in June. The pace of growth has slowed every month since retail sales started growing in February and the latest rate was the weakest in the sequence.

Online sales, which accounted for 7.5 percent of the total retail sales value, grew 29.0 percent annually after a 64.0 percent surge in June.

The volume of retail sales grew 0.9 percent after a 2.9 percent increase in the previous month. The value of sales of jewelry, watches and clocks, and valuable gifts increased by 27.1 percent annually and that of clothing increased 30.7 percent. Sales of automobiles and parts climbed 25 percent. Meanwhile, supermarket sales decreased 19.4 percent from a year ago. For the first seven months of 2021, the value of total retail sales increased 7.6 percent, while the volume grew 6.2 percent. Online sales value jumped 50.6 percent during the period. Retail sales continued to increase in July over a year earlier as the local coronavirus epidemic remained stable and labor market situations improved further, although the growth pace moderated somewhat as compared to the preceding month, a government spokesman said. The government expects the electronic consumption vouchers that it began to disburse in August to help stimulate consumption sentiment going forward, and will render support to the retail business in the rest of the year, the spokesman added.

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