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Hong Kong retail sales in July rose 7.8% YOY

Hong Kong's retail sales by value rose 7.8% year over year in July to HK$38.9 billion as demand remained solid albeit at a slower pace than in June, Hong Kong's Census and Statistics Department reported Aug. 30.

The increase was well below the 12% year-over-year growth in retail sales by value in June. The provisional estimated value of total retail sales for the first seven months of 2018 expanded 11.0% year over year compared with the same period in 2017.

The jewelry, watches and clocks, and valuable gifts category saw the highest growth with a 16.8% year-over-year increase in sales by value. Medicine and cosmetics increased 12.7%, department store commodities grew 8.6%, nonclassified consumer goods gained 10.2% and fuels surged 15.2%.

Sales of footwear, allied products and other clothing accessories rose 5.5% and motor vehicles and parts accelerated 6.7%. Other nonclassified electrical and durable goods rose 5.7% while food, alcoholic drinks and tobacco grew 3.0%. Sales at optical shops rose 2.3%, wearing apparel sales grew 3.4%, and supermarket commodities were up 0.7%.

However, the value of sales of books, newspapers, stationery and gifts shrank 1.4%.

In volume terms, July retail sales expanded 5.9% compared with July 2017 compared with the 9.8% year-over-year growth recorded in June.