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Financial News: Hong Kong Retail Sales Continue To Fall

Hong Kong Retail Sales Continue To Fall

02/02/2021 - 04:47:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales continued to decline in December, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume declined 14.0 percent year-on-year in December, following a 4.7 percent fall in November.

The value of retail sales decreased 13.2 percent annually in December, following a 4.1 percent decline in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 40.8 percent annually in December. Sales of clothing, footwear and allied products fell 29.2 percent and those of other consumer goods decreased 17.9 percent.

Prices for food, alcoholic drinks and tobacco and fuels fell by 14.3 percent and 9.9 percent, respectively.

For the January to December period, retail sales declined 24.3 percent.

The government spokesman said that as inbound tourism remains at a standstill and the ongoing local epidemic, the business environment of the retail trade will remain challenging in the near term.

"It would thus be pivotal for the community as a whole to spare no effort to fight the virus and keep the epidemic under control at the soonest possible in order to foster the revival of retail business in particular and the overall economy at large," spokesman said.

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