Hong Kong Retail Sales Suffer Steepest Drop in 3.5 Years

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A recent report by Reuters showed that Hong Kong’s July retail sales have sunk by the most since February 2016; amid anti-government protests.

In fact, retail sales in July fell 11.4% from a year earlier, government data showed last Friday, as social unrest hurt consumer sentiment and visitor arrivals started to fall. Furthermore, retail sales fell to HK$34.4 billion ($4.4 billion) in July, a sixth consecutive month of declines. Meanwhile, June’s decline was 6.7%. As for volume terms, retail sales in July fell 13%, compared with a 7.6% fall in June.

“For the first seven months of 2019, retail sales fell 3.8% in value from a year earlier and 4.4% in volume terms,” said the report.

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Last updated on

September 2nd 2019, 11:03 am

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