HK retail sales drop 7.5% to HK$35.2bn in April

    Hong Kong's value of total retail sales in April, provisionally estimated at HK$35.2 billion, dropped 7.5% compared with the same month in 2015, according to the Census and Statistics Department. 
  The revised estimate of the value of total retail sales in March fell 9.8% compared with a year earlier. For the first four months of 2016 taken together, the value of total retail sales dropped 11.4% compared with the same period in 2015.
  After netting out the effect of price changes over the same period, the volume of total retail sales in April shrank 7.6% compared with a year earlier. The revised estimate of the volume of total retail sales in March declined 8.8% compared with a year earlier. For the first four months of 2016 taken together, total retail sales fell 10.5% in volume compared with the same period in 2015.
  A government spokesman indicated that retail sales showed a slightly narrower year-on-year decline in April. Yet, many types of retail outlet still recorded notable falls in sales, reflecting the continued drag from the slowdown in inbound tourism as well as the more cautious local consumer sentiment amid subpar economic conditions. The near-term outlook for retail sales will continue to depend on the performance of inbound tourism, and on the extent to which the local consumption sentiment is affected by the uncertain economic outlook and other external headwinds.