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Financial News: Hong Kong Retail Sales Continue To Fall In

Hong Kong Retail Sales Continue To Fall In June

07/30/2020 - 08:29:00 (RTTNews)

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

The retail sales volume declined 25.4 percent year-on-year in June, following a 34.0 percent decrease in May.

The value of retail sales decreased 24.8 percent annually in June, following a 32.9 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 56.5 percent annually in June. Sales of other consumer goods decreased 35.0 percent and those of clothing, footwear and allied products fell by 38.9 percent.

"Retail sales continued to fall sharply in June from a year earlier, but the rate of fall moderated further as the local epidemic situation abated in the month," a government spokesman said.

In the second quarter retail sales volume fell 32.5 percent yearly, following a 37.0 percent decline in the first quarter.

With inbound tourism remaining at a standstill and local consumption hit by the surge in local COVID-19 cases in July and the resultant tightening of social distancing measures, the operating environment for the retail trade has turned more austere again, the spokesman said.

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