Hong Kong Retail Sales Growth Eases In November

(RTTNews) - Hong Kong's retail sales growth moderated for the first time in five months in November, preliminary data from the Census and Statistics Department showed on Friday.

The value of retail sales climbed 6.5 percent year-on-year in November, slower than the 6.9 percent rise in October. Sales have been rising since May.

Online sales, which accounted for 11.2 percent of the total sales value in November, surged by 28.4 percent from last year versus a 27.2 percent growth in the previous month.

Sales of consumer durable goods alone grew 27.0 percent from last year, and those of jewelry, watches and clocks, and valuables climbed by 3.6 percent, and sales at department stores were 3.8 percent higher. Meanwhile, fuel sales declined sharply by 11.1 percent.

The volume of retail sales rose 4.4 percent annually versus a 5.3 percent increase a month ago.

"Looking ahead, the gradual improvement in local consumption sentiment amid sustained economic growth, coupled with the vibrant growth in inbound visitors, will continue to benefit retail businesses," a government spokesman said.