Hong Kong’s retail sales grew at a faster-than-expected pace of 12.8 percent in March, official data showed, as local and tourist demand rose amid geopolitical uncertainties.
That compared to an increase of 9.4 percent for the month forecast by economists, and a revised estimate of combined growth of 11.8 percent in January and February.
For the first quarter, the sales rose 12.1 percent from the year prior, according to data from the Census and Statistics Department on Wednesday. It also advanced by 7.8 percent from the fourth quarter on a seasonally adjusted basis.
The city’s economy posted a 5.9 percent rise in the first quarter, the strongest quarterly growth in nearly five years, as exports and private consumption improved.
Consumption expenditure advanced 5 percent in real terms in the three months, faster than the increase of 2.5 percent in the fourth quarter, the department’s data showed on Tuesday.
In March, total retail sales value amounted to HK$33.9 billion.
In volume terms, retail sales gained 9.8 percent in the month after netting out the effect of price changes, the same as those in January and February combined.
Sales growth was seen in most types of retail outlets in March, with vehicles showing particularly strong growth (+80.8 percent), as purchases spiked before the expiry of the first registration tax concessions for electric private cars in March, a government spokesman said.
Sales of jewellery, watches and clocks, and valuable gifts also surged by 27.2 percent in value and those of electrical goods and other consumer durable goods soared by 30.1 percent.
On the other hand, fuel sales plunged by 14.2 percent as prices climbed. It was followed by a 5.4 percent decline in Chinese drugs and herbs sales, and a 10.2 percent fall in footwear, allied products and other clothing accessories.
Looking ahead, the near-term outlook for retail sales is broadly positive, underpinned by recovering local demand, sustained growth in inbound tourism, and a favourable macro-financial environment, the spokesman said.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
