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Hong Kong Retail Sales Drop In February

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Hong Kong’s retail sales declined for the first time in thirteen months in February, figures from the Census and Statistics Department showed on Thursday.

The retail sales volume dropped 17.6 percent year-on-year in February, after a 1.5 percent rise in January.

The value of retail sales decreased 14.6 percent annually in February, after a 4.0 percent growth in the preceding month.

Sales value of jewelry, watches and clocks, and valuable gifts declined 33.6 percent annually in February.

Sales of clothing, footwear and allied products decreased 39.0 percent and those of consumer durable goods fell 19.5 percent.

Sales for department stores and fuels decreased by 19.2 percent and 2.2 percent, respectively.

“The value of retail sales fell sharply in February over a year earlier as the rapid worsening of local epidemic situation and further tightening of anti-epidemic measures in response led to a drastic fall in people flow and weaker consumption sentiment,” a government spokesman said.

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