Hong Kong’s retail sales decreased for the first time in seven months in August at a slower-than-expected pace, preliminary figures from the Census and Statistics Department showed Friday.
The retail sales volume edged down 0.2 percent year-over-year in August, much slower than economists’ expectations for a 1.9 percent decline. In July, sales had risen 1.8 percent.
In value terms, retail sales dipped 5.4 percent annually in August, which was worse than the 2.9 percent fall in the previous month. It was the sixth successive monthly drop.
On a seasonally adjusted basis, the value of total retail sales decreased by 0.2 percent in the three months ended August compared with the previous three-month period, while the volume of retail sales showed no variations.
The value of sales of jewellery, watches and clocks, and valuable gifts declined 8.8 percent in August from a year ago and sales of commodities in department stores fell by 8.6 percent. Meanwhile, sales of commodities in supermarkets went up by 0.4 percent.
“The near-term outlook for retail sales is still subject to uncertainties, depending on the performance of inbound tourism and on whether there would be further negative impact from the recent heightened stock market volatility,” a government spokesman said.
“The Government will monitor closely how these factors, as well as the unsteady external environment, may affect the retail business going forward”.
The material has been provided by InstaForex Company – www.instaforex.com