Hong Kong’s second quarter service industries receipts surge

Yet business receipts in import and export trade fell 4.9% and financing (except banking) by 3.9%.

Business receipts in value terms of all major service industries showed increases of different magnitudes in the second quarter when compared with the same quarter last year, the Census & Statistics Department said on Friday.

The retail industry recorded the largest increase in business receipts (28.1%) due to vibrant local consumption demand and tourist spending. Other major service industries that recorded more significant increases in business receipts included the courier (22.5%), accommodation (21%) and financing (except banking) (20.7%) industries.

Analysed by service domain, business receipts for the tourism, convention and exhibition services domain increased significantly by 25.6%, mainly due to the increases in the number of incoming visitor arrivals and tourist spending in Hong Kong. Business receipts of the computer and information technology services domain rose 4.9%.

On a seasonally adjusted quarter-to-quarter comparison, most of the major service industries recorded increases in business receipts in Q2 when compared with Q1. Business receipts of the insurance and retail industries increased more significantly, by 11.6% and 7.7%.

A few major service industries recorded decreases in business receipts, notably the import and export trade (-4.9%) and financing (except banking) (-3.9%) industries.

Business receipts of the tourism, convention and exhibition services domain rose 14.6% while those of the computer and information technology services domain dropped 5.2% on a seasonally adjusted basis.