Hong Kong Retail Sales Growth Eases In April

(RTTNews) - Hong Kong's retail sales growth moderated for the second straight month in April, preliminary data from the Census and Statistics Department showed on Tuesday.

The value of retail sales grew 8.6 percent year-on-year in April, slower than the 12.8 percent surge in March. Moreover, this was the slowest growth in three months.

Sales of consumer durable goods continued to grow sharply by 26.2 percent from last year, and those of jewelry, watches and clocks, and valuable gifts rose by 19.8 percent.

There were 6.0 percent more sales in clothing, footwear, and allied products, while fuel sales plunged 11.7 percent. Sales at supermarkets increased 3.0 percent, while those at department stores were 6.7 percent lower.

The volume of retail sales climbed 6.4 percent yearly in April, though the growth moderated from 9.8 percent in March.

"Looking ahead, the retail sector should continue to benefit from ongoing economic expansion, a notable increase in inbound visitors, and resilient consumption sentiment," a government spokesman said.

The spokesperson added that the government will stay alert to the downside risk arising from the evolving geopolitical tensions and their possible effects on the local consumption market.