Hong Kong's retail sales down 33.3% in H1
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E-mail Xinhua, July 31, 2020
Hong Kong's retail sales declined significantly in the first half of the year as the COVID-19 epidemic dampened consumption.
The value of total retail sales during the first six months decreased by 33.3 percent compared with the same period in 2019, data of the Hong Kong Special Administrative Region government showed Thursday.
Retail sales last month were at 26.5 billion Hong Kong dollars (3.42 billion U.S. dollars), down 24.8 percent from a year ago, narrowing from the 32.9-percent fall in May. Retail sales continued to fall sharply but the velocity moderated as the local epidemic once abated, a government spokesman said.
Of all, sales of medicines and cosmetics suffered the largest year-on-year decline at 57.4 percent in June, and jewelry, watches and clocks and valuable gifts slumped by 56.5 percent. Sales of wearing apparel also dropped significantly.
Looking ahead, the spokesman said the environment for the retail trade has turned more austere again as inbound tourism has remained at a standstill and local consumption has been hit by a resurgence in local COVID-19 cases.
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