Global year-end sales sluggish
Expect local exports to grow by 4pc next year, trade official predicts
Year-end sales globally were roughly the same as last year, with the mainland and other emerging markets doing better than the US, Europe and Japan.
Such sales have become a valuable pointer to retail business patterns in the year ahead, according to Daniel Poon, principal economist of the Hong Kong Trade Development Council (HKTDC).
Poon forecast Hong Kong's exports would grow 4 per cent next year, boosted by growing demand in emerging markets and the mainland.
"Exports of electronic goods and parts will do well. It has already been quite strong in the fourth quarter this year," he said.
Poon said he was optimistic about the purchasing power of mainland tourists in Hong Kong. "The Chinese economy is on the mend and is bottoming out. As wages on the mainland increase, people's buying power will grow too."
Retail sales on the mainland during the first 11 months of this year were 14.2 per cent higher than a year ago as the government introduced measures to stimulate consumption. In November, retail sales grew by 14.9 per cent.