Hong Kong’s Census and Statistics Department published provisional retail sales for July, showing a 3.8 per cent year-on-year (Y-o-Y) to USD 4.7 bn (HKD 36.5 bn). The volume of retail sales increased by 1.3 per cent. For the first seven months of 2012, Hong Kong’s retail sales have increased by 11.7 per cent to USD 33 bn (HKD 256.5 bn).
Sales of jewellery, watches and clocks in July rose to 0.9 per cent to USD 1 bn (HKD 7.89 bn). However, the volume of sales fell 3.1 per cent Y-o-Y. Revenue from this category for the first seven months of 2012 has increased 10 per cent Y-o-Y to USD 7.2 bn (HKD 55.49 bn).
The government noted that retail sales volume overall expanded only modestly in July and that the growth rate from tourists moderated from previous months.