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Financial News: Hong Kong Retail Sales Log Further Sharp Decline

Hong Kong Retail Sales Log Further Sharp Decline In May

07/02/2024 - 06:12:00 (RTTNews)

(RTTNews) - Hong Kong's retail sales value continued to decrease sharply in May, preliminary data from the Census and Statistics Department showed on Tuesday.

The value of retail sales fell 11.5 percent year-on-year in May, following a 14.7 percent plunge in April. Moreover, it was the third successive monthly fall.

Meanwhile, online sales, which accounted for 8.7 percent of the total sales value in May, grew 21.9 percent from last year versus an 11.5 percent increase in the previous month.

The annual decline in retail sales volume eased to 12.9 percent in May from 16.5 percent in the previous month.

Sales of jewelry, watches and clocks, and valuable gifts alone slumped 21.4 percent, and those of clothing, footwear, and allied products dropped by 17.9 percent.

The further sharp fall in the value of sales was mainly due to the changes in the consumption patterns of visitors and residents, as well as the strength of the Hong Kong dollar, a government spokesman said.

Looking ahead, the spokesman added that the retail sector may still face some challenges in the near term.

"However, the Central Government's recently announced measures benefiting Hong Kong, including the further enhanced Individual Visit Scheme and the increase in duty-free allowance for luggage articles for Mainland resident visitors, should help stimulate retail businesses."

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