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Hong Kong retail sales rise 1.4% YOY in November

Hong Kong retail sales by value rose 1.4% year over year in November to HK$39.2 billion — a more modest figure following significant growth in October.

According to a Jan. 3 release from Hong Kong's Census and Statistics Department, the moderate growth in retail sales in recent months was due to more cautious consumer sentiment amid a number of international uncertainties such as the U.S.-China trade tensions and volatile global financial market.

Nonclassified consumer goods saw the biggest growth with a 14.3% year-over-year rise in sales value, followed by a 10.1% jump in medicines and cosmetics and 7% growth in motor vehicles and parts sales.

Sales of books, newspapers, stationery and gifts increased 6.2%, while optical shops rose 5.4%. Fuel sales grew 3.1%, furniture and fixtures rose 2.8%, and footwear and accessories sales grew 1.7%.

Sales of jewelry, watches and clocks, and valuable gifts slid 3.9% year over year.

The electrical goods and other consumer durable goods category saw a 4.9% slump. Apparel sales declined at 3.6%, Chinese drugs and herbs dropped 0.4% and supermarket commodities decreased 0.1%.

In total volume terms, November retail sales grew 1.2% year over year, lower than the 5.3% recorded in October. The provisional estimate of the volume of total retail sales for the first 11 months of 2018 is an 8.4% increase compared with the same period in 2017.