FOREX TradingCharts.com

Financial News: Hong Kong Retail Sales Slump 4.2%, Worst Fall

Hong Kong Retail Sales Slump 4.2%, Worst Fall In 8 Months

01/04/2023 - 05:46:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined for the first time in three months and at the fastest pace in eight months in November, and tighter financial conditions are likely to continue damping consumption ahead, while a relaxation in Covid restrictions and an improvement in the labor market are expected to lent support.

The value of retail sales dropped 4.2 percent annually in November, after a 4.0 percent growth in October, provisional figures from the Census and Statistics Department showed on Tuesday. This was the worst decline since March, when sales fell 13.8 percent.

Tightened financial conditions will continue to weigh on local consumption demand, while the further relaxation of social distancing measures and continued improvement in labor market conditions will provide support, a government spokesman said.

Further, the expected increase in visitor arrivals should benefit retail sales performance, the spokesman added.

Online sales accounted for 12.8 percent of the total retail sales value in November. The value of online retail sales grew 9.4 percent year-on-year after a 35.1 percent jump in October.

Sales for department stores logged a double-digit fall of 19.3 percent in November and those for clothing, footwear and allied products decreased by 15.2 percent.

Sales of jewelry, watches and clocks, and valuable gifts fell 8.3 percent. Sales of other consumer goods, and fuel decreased by 5.2 percent and 1.9 percent, respectively.

The retail sales volume slumped 5.3 percent year-on-year in November, after a 2.5 percent gain in the prior month.

On a seasonally adjusted basis, the total retail sales value rose 1.6 percent in the three months ending in November compared with the previous three-month.

Hong Kong's inflation was steady at 1.8 percent in November, which is the highest in nearly eight years. Inflation is largely fed by import prices as prices remain high in major economies. In December, the Hong Kong Monetary Authority that adjusts its benchmark rate in sync with the US Federal Reserve, lifted the base rate by 50 basis points to 4.75 percent. The city's jobless rate declined to 3.7 percent in the three months ended November with unemployment falling across almost all the major economic sectors.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Dutch Producers Slightly More Positive In January (34 min(s), 53 sec(s) ago)
(RTTNews) - The Netherlands' producer confidence improved slightly at the start of the year, a ...Full Story»

European Economics Preview: Germany GDP Data Due (01 hr(s), 08 min(s), 53 sec(s) ago)
(RTTNews) - Quarterly national accounts from Germany and economic sentiment survey results from eu ...Full Story»

New Zealand Has NZ$475 Million Trade Deficit (53 min(s), 07 sec(s) ago)
(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$475 million in December, Statisti ...Full Story»

New Zealand Trade Data Due On Monday (50 min(s), 07 sec(s) ago)
(RTTNews) - New Zealand will on Monday release December data for imports, exports and trade balanc ...Full Story»

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In January (28 min(s), 07 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

U.S. Pending Home Sales Unexpectedly Rebound In December (14 min(s), 07 sec(s) ago)
(RTTNews) - After reporting decreases in U.S. pending home sales for six straight months, the Nati ...Full Story»

U.S. Personal Income Inches Up 0.2% In December, In Line With Estimates (52 min(s), 07 sec(s) ago)
(RTTNews) - Personal income in the U.S. increased in line with economist estimates in the month of ...Full Story»

Mexico Trade Surplus Grows To $984 Mln (36 min(s), 07 sec(s) ago)
(RTTNews) - Mexico's foreign trade surplus increased in December from a year ago, as exports g ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Dutch Producers Slightly More Positive In January

01/30/2023 - 01:50 AM (RTTNews)
(RTTNews) - The Netherlands' producer confidence improved slightly at the start of the year, a ...Full Story>>

European Economics Preview: Germany GDP Data Due

01/30/2023 - 01:16 AM (RTTNews)
(RTTNews) - Quarterly national accounts from Germany and economic sentiment survey results from eu ...Full Story>>

New Zealand Has NZ$475 Million Trade Deficit

01/29/2023 - 17:18 PM (RTTNews)
(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$475 million in December, Statisti ...Full Story>>

New Zealand Trade Data Due On Monday

01/29/2023 - 16:15 PM (RTTNews)
(RTTNews) - New Zealand will on Monday release December data for imports, exports and trade balanc ...Full Story>>

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In January

01/27/2023 - 10:53 AM (RTTNews)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.