Latest news with #CensusAndStatisticsDepartment
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong's May retail sales up 2.4%, ending 14-month contraction
Hong Kong's retail sales in May jumped by 2.4 per cent year on year, marking a reverse in fortunes after the city contended with a 14-month contraction, with the uptick boosted by a surge in visitors during several 'golden week' holidays. Provisional figures released by the Census and Statistics Department on Wednesday showed total retail sales in May reached HK$31.3 billion (US$3.9 billion). The figure represents the first time sales have grown since February 2024, when the city recorded an increase of 1.9 per cent year on year. A total of 1.1 million people visited Hong Kong during mainland China's five-day Labour Day golden week holiday , which ran from May 1 to 10, a rise of 22 per cent from last year – exceeding the government's original estimate of 10 per cent. But a government spokesman said industry players still needed to adapt to changes in consumption patterns despite the improvement of sales in May. 'While the retail sector continues to adapt to the changes in consumption patterns, the government's proactive efforts in promoting tourism and mega-events, in tandem with the increase in employment earnings and sustained steady growth of the mainland economy, will help bolster consumption sentiment and support the consumption market,' he said.
South China Morning Post
26-05-2025
- Business
- South China Morning Post
Hong Kong exports up by 14.7% year on year in April due to mainland China growth
Hong Kong's exports rose by 14.7 per cent year on year in April, following an 18.5 per cent jump in March, a result the government has attributed to sustained growth of the mainland economy and the city's efforts to strengthen trade ties with diverse markets amid the US-China trade war. The Census and Statistics Department said on Monday that the value of exports reached HK$434.5 billion (USD$55.4 billion) in April, up from the HK$378.8 billion recorded in the same month a year ago. Imports last month also jumped by 15.8 per cent year on year to HK$450.5 billion. For the first four months as a whole, the value of total exports increased by 11.9 per cent compared with same period in 2024, while the value of imports rose by 11.4 per cent. There was a trade deficit of HK$96.9 billion. The latest figure followed a pause in the trade war earlier this month, when the US agreed to cut tariffs on Chinese exports from 145 per cent to 30 per cent, and China reduced duties on American goods from 125 per cent to 10 per cent. Last month, exports to mainland China and many other Asian markets grew notably, while those to the United States saw a marginal increase and shipments to the European Union declined, authorities noted. Shipments to the United States saw only a marginal year-on-year increase of 1 per cent in April, reaching HK$27.9 million. While this figure was 10.8 per cent higher than the HK$25.8 million recorded in March, that month itself saw a 11.4 per cent year-on-year jump for US-bound shipment, according to government statistics.
South China Morning Post
20-05-2025
- Business
- South China Morning Post
Hong Kong's unemployment rate hits a 2-year high of 3.4%
Hong Kong's unemployment rate rose to 3.4 per cent and hit its highest point in more than two years, with the construction and financing sectors notably impacted, a trend experts expect to persist through to the end of the year. Advertisement Preliminary data from the Census and Statistics Department, released on Tuesday, showed that the unemployment rate for the February to April period increased by 0.2 percentage points from the January to March figures. It marked the highest rate recorded since November 2022 to January 2023, when the unemployment rate also stood at 3.4 per cent. The rate increased across most major economic sectors during the latest three-month rolling period, with notable rises in construction, accommodation services, food and drink service activities, and financing, according to the government's announcement. The construction sector was among the most notably impacted according to preliminary data from the Census and Statistics Department. Photo: Jelly Tse Secretary for Labour and Welfare Chris Sun Yuk-han noted that the city's various industries were in a period of transition, which could lead to mixed trends in their unemployment rates. Advertisement 'However, the recent easing of trade tensions, the continued growth of the mainland economy, the government's various measures to boost economic momentum and the continuous positive growth of the overall economy will provide support to the labour market,' Sun said.
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Hong Kong's economy grows by 3.1% in first quarter
Hong Kong's economy grew by 3.1 per cent in the first quarter against a year ago, official data released on Friday showed, with the government predicting sustained global trade flows and improving inbound tourism to bolster growth. Advertisement Advance estimates released by the Census and Statistics Department showed gross domestic product growth in the first quarter was higher than the government's full-year forecast of between 2 and 3 per cent. Government economist Cecilia Lam Kwok-ying said the recent easing of global trade tensions and reduced headwinds in the external environment could relieve some downward pressure on the global economic outlook. 'The sustained steady growth of the mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia, including Hong Kong,' Lam said. 'Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong's exports of services. Advertisement 'However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment.'
