Wednesday, July 23, 2014   

Hong Kong retail sales shrink in April
(06-03 17:26)

Hong Kong recorded the biggest decline in retail sales since February 2009. The value of total retail sales in April 2014 fell 9.8 percent from a year earlier to HK$38.8 billion, the Census and Statistics Department revealed today.
For the first four months of 2014, total retail sales increased by 0.7 percent in value over the same period a year earlier. The value is March was revised to a decrease of 1.5 percent.
After netting out the effect of price changes over the same period, the volume of total retail sales in April 2014 decreased by 9.5 percent over a year earlier.
The value of sales of wearing apparel increased by 11.3 percent. It was followed by sales of commodities in supermarkets (up 6.8 percent in value); medicines and cosmetics (up 8.6 percent) and food, alcoholic drinks and tobacco (up 5.2%). But, the value of sales of jewellery, watches and clocks, and valuable gifts fell 39.9 percent in April 2014 compared with a year earlier.
A Government spokesman noted that the notable fall in retail sales in April was mainly due to the plunge in the sales of jewellery, watches and clocks, and valuable gifts. Apart from a high base of comparison caused by a spike in gold related sales a year earlier, the fall-off in April may also partly reflect some moderation in visitor spending after a prolonged period of brisk growth.   
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