Hong Kong's retail sales fall 6.7 pct in June

The value of Hong Kong's total retail sales in June, provisionally estimated at 35.2 billion HK dollars (4.49 billion U.S. dollars), dropped 6.7 percent on the same month in 2018, the Census & Statistics Department of China's Hong Kong Special Administrative Region (SAR) government announced Thursday.

After netting out the effect of price changes over the same period, the volume of total retail sales decreased 7.6 percent year-on-year.

A spokesperson for the SAR government said retail sales registered an enlarged decline in June as local consumer sentiment turned more cautious and growth in visitor arrivals moderated.

The spokesperson also said the near-term performance of retail sales will likely remain subdued, as the weakened global and local economic outlook and other headwinds continue to weigh on consumption sentiment.

The recent demonstrations, if continued, would also dent the retail business further, the spokesperson added. (1 U.S. dollar equals 7.82 HK dollars)