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Financial News: Hong Kong Retail Sales Continue To Fall In

Hong Kong Retail Sales Continue To Fall In April

06/01/2020 - 08:02:00 (RTTNews)

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

The retail sales volume declined 37.5 percent year-on-year in April, following a 44.0 percent decrease in March.

The value of retail sales decreased 36.1 percent annually in April, following a 42.1 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 76.6 percent annually in April. Sales of clothing, footwear and allied products declined 62.6 percent and those of other consumer goods fell by 45.9 percent.

"The year-on-year decline in retail sales remained huge in April, though narrower than that in March, reflecting the still-severe disruptions of COVID 19 and the necessary anti-epidemic measures to consumption- and tourism-related activities," a government spokesman said.

"While the epidemic has abated in Hong Kong, the business environment for retail trade remains challenging, as COVID-19 has brought inbound tourism to a standstill, and as austere labor market conditions and various uncertainties continue to weigh on consumption sentiment," spokesman added.

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