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Financial News: Hong Kong Retail Sales Continue To Fall

Hong Kong Retail Sales Continue To Fall

05/05/2020 - 08:01:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales fell for the fourteenth straight month in March, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume declined 43.8 percent year-on-year in March, following a 46.7 percent decrease in February.

The value of retail sales decreased 42.0 percent annually in March, following a 44.0 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 75.2 percent annually in March. Sales of clothing, footwear and allied products declined 66.4 percent and those of department stores fell by 42.7 percent.

In the first quarter, the value of retail sales declined 35.0 percent annually and the volume fell by 36.9 percent.

On a quarterly basis, the retail sales value decreased 19.6 percent in the first quarter and the volume declined by 20.4 percent.

"Retail sales continued to plummet in March, as the COVID 19 pandemic and resulting anti-epidemic measures brought inbound tourism to a standstill and seriously disrupted consumption-related activities," a government spokesman said.

"The business environment for retail trade will remain very difficult in the near term amid the deep economic recession and sharp deterioration in the labour market," spokesman added.

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