Hong Kong Retail Sales Log Further Sharp Decline In May

Hong Kong's retail income worth continued to alteration sharply successful May, preliminary information from the Census and Statistics Department showed connected Tuesday.

The worth of retail income fell 11.5 percent year-on-year successful May, pursuing a 14.7 percent plunge successful April. Moreover, it was the 3rd successive monthly fall.

Meanwhile, online sales, which accounted for 8.7 percent of the full income worth successful May, grew 21.9 percent from past twelvemonth versus an 11.5 percent summation successful the erstwhile month.

The yearly diminution successful retail income measurement eased to 12.9 percent successful May from 16.5 percent successful the erstwhile month.

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

The further crisp autumn successful the worth of income was chiefly owed to the changes successful the depletion patterns of visitors and residents, arsenic good arsenic the spot of the Hong Kong dollar, a authorities spokesperson said.

Looking ahead, the spokesperson added that the retail assemblage whitethorn inactive look immoderate challenges successful the adjacent term.

"However, the Central Government's precocious announced measures benefiting Hong Kong, including the further enhanced Individual Visit Scheme and the summation successful duty-free allowance for luggage articles for Mainland nonmigratory visitors, should assistance stimulate retail businesses."

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the satellite are seeing the champion (and worst) economical performances lately? Click here to cheque retired our Econ Scorecard and find out! See up-to-the-moment rankings for the champion and worst performers successful GDP, unemployment rate, inflation and overmuch more.