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Financial News: Hong Kong Retail Sales Decline Slows In March

Hong Kong Retail Sales Decline Slows In March

05/03/2019 - 08:30:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined modestly in March, after falling sharply in the previous month, figures from the Census and Statistics Department showed on Friday.

The retail sales volume fell 0.2 percent year-on-year in March, after a 10.2 percent decline in February.

The retail sales value eased 0.8 percent in March, following a 10.5 percent fall in the previous month.

The value of sales of fuels grew 6.4 percent in March, followed by 5.0 percent rise department and 3.6 percent in food, alcoholic drinks and tobacco.

Sales of other consumer goods and supermarket increased by 3.5 percent and 3.3 percent, respectively, in March.

Meanwhile, sales of consumer goods durables declined the most by 9.9 percent in March. Jewelry, watches and clocks, and valuable gifts sales fell 2.6 percent.

"Retail sales declined slightly on a year-on-year basis in March and in the first quarter as a whole, reflecting the cautious consumption sentiment amid various external uncertainties," a government spokesman said.

"Looking forward, retail sales business should continue to be affected by various external uncertainties in the near term, but the largely stable labor market and the sustained growth in inbound tourism should provide some support."

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