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Hong Kong July retail sales fall 3.1 pct yr/yr
August 28, 2014 / 8:56 AM / 3 years ago

Hong Kong July retail sales fall 3.1 pct yr/yr

Aug 28 (Reuters) - July retail sales data 
(percent change from a year earlier):
    
             Jul    Jun    May    Apr    Mar    Feb    Jan    
 Value:     -3.1   -6.9   -3.9^  -9.9   -1.5   -2.2   14.4    
 Volume:    -4.5   -7.5   -4.5^  -9.6   -2.5   -2.1   -2.3   
   
 ^ Revised

    CONTEXT:
    -- In the three months through July, the volume of sales was
down by 4 percent, seasonally adjusted, from the preceding three
months.
    -- For a breakdown of July retail sales click on 
 
    
    COMMENTARY:
    A government spokesman noted that retail sales recorded a
narrower year-on-year decline in July than in the preceding
month. The notable fall in sales of jewellery, watches and
clocks, and valuable gifts remained the main drag, conceivably
indicating the fall-off in visitor spending on some big-ticket
items against the still high base of comparison in the same
period last year. 
    Yet, sales of many other outlets that are more closely
related to local consumption maintained moderate growth.
    The spokesman added that looking ahead, retail business will
hopefully turn more stable in the coming months as the high base
effects gradually wane. However, the downside risks stemming
from a recent slackening in tourist spending and various
external uncertainties warrant close watch. 

    LINK:
    -- To view the full details of retail sales data, see the
Hong Kong government website at: bit.ly/VPcgFp
    
    

 (Reporting by Twinnie Siu in HONG KONG; Editing by Prateek
Chatterjee)

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