Hong Kong Retail Sales Growth Eases Unexpectedly

Hong Kong's retail sales growth eased unexpectedly in June, preliminary data from the Census and Statistics Department showed Wednesday.

The value of retail sales advanced 12.0 percent year-over-year in June, slower than the 12.9 percent spike in May. Meanwhile, economists had expected the growth to improve slightly to 13.0 percent.

Similarly, the volume of retail sales increased 9.8 percent annually in June, following a 11.5 percent climb in the previous month. That was also below the expected increase of 12.0 percent.

The value of sales of jewelery, watches and clocks, and valuable gifts grew the most by 27.8 percent annually in June. Sales of commodities in department stores registered an increase of 1.1 percent.

"Looking ahead, favorable job and income conditions and buoyant inbound tourism should continue to provide support to the retail sector in the near term," a government spokesman said.

"Yet, we need to closely monitor how the heightened external uncertainties might affect consumption sentiment going forward."