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Financial News: Hong Kong Retail Sales Fall For Twelfth Month

Hong Kong Retail Sales Fall For Twelfth Month

03/02/2020 - 07:17:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales fell for the twelfth month in a row in January, figures from the Census and Statistics Department showed on Monday.

The retail sales volume declined sharply by 23.0 percent year-on-year in January, following a 21.1 percent decrease in December.

At the same time, the value of retail sales decreased 21.4 percent annually in January, following a 19.4 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts plunged 41.6 percent annually in January and those of consumer durable goods, and clothing, footwear and allied products fell by 20.6 percent and 27.5 percent, respectively.

"Retail sales continued to record a sharp fall in January 2020 notwithstanding the possible boost from the Lunar New Year, which fell in late January this year but early February last year," a government spokesman said.

The spokesman noted that the business environment of retail trade has turned even more austere lately, as the threat of COVID-19 has brought inbound tourism almost to a standstill and caused severe disruptions to consumption-related activities.

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