Hong Kong Retail Sales Fall Further

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Hong Kong’s retail sales continued to fall for the sixteenth straight month in May, figures from the Census and Statistics Department showed on Tuesday.

The retail sales volume declined 33.9 percent year-on-year in May, following a 37.5 percent decrease in April.

The value of retail sales decreased 32.8 percent annually in May, following a 36.1 percent fall in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 69.7 percent annually in May. Sales of other consumer goods decreased 42.4 percent and those of clothing, footwear and allied products fell by 36.2 percent.

“Retail sales continued to fall sharply in May from a year earlier, as inbound tourism remained at a standstill and job and income conditions were weak,” a government spokesman said.

The decline narrowed further from that in April thanks to the stabilized local epidemic situation and consequential easing of social distancing measures, the spokesman noted.

“The business environment for retail trade remains difficult amid austere labor market conditions and the travel restrictions in place,” the spokesman added.

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