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Financial News: Hong Kong Retail Sales Fall Further In July

Hong Kong Retail Sales Fall Further In July

09/01/2020 - 07:35:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales declined further in July, albeit at a softer rate, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume declined 23.9 percent year-on-year in July, following a 25.3 percent decrease in June.

The value of retail sales decreased 23.1 percent annually in July, following a 24.7 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 53.7 percent annually in July. Sales of clothing, footwear and allied products fell by 44.1 percent and those of other consumer goods decreased 32.2 percent.

"The year-on-year decline in retail sales remained notable in July despite a lower base of comparison, as the surge of local COVID-19 cases and the resultant tightening of social distancing measures in that month further disrupted consumption activities," a government spokesman said.

The spokesman says that, "while the recent stabilization in the local epidemic situation may help improve consumption sentiment, the business environment of the retail trade will continue to be very difficult in the near term as inbound tourism remains at a standstill."

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