Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Hong Kong May retail sales tumble as spending, tourism evaporate

share with twitter share with LinkedIn share with facebook
06/30/2020 | 06:18am EDT
FILE PHOTO: Residential flats are seen in Tung Chung on Hong Kong's Lantau Island

By Donny Kwok and Twinnie Siu

Hong Kong's retail sales in May slumped 32.8% from a year earlier, falling for the 16th consecutive month as the virus pandemic slammed the brakes on tourism and spending in the city.

Months of anti-government protest have also weighed on business activity in the Chinese-ruled financial hub, pushing many retailers to the brink of collapse.

Sales dropped to HK$26.8 billion ($3.46 billion), government data showed on Tuesday. They tumbled a steeper 36.1% in value terms in April and 42.1% in March.

In volume terms, retail sales in May plummeted 33.9%, compared with a revised 37.5% fall in April.

The government said the decline in May continued as inbound tourism remained at a standstill and job and income conditions were weak although the coronavirus situation had stabilised.

"The business environment for retail trade remains difficult amid austere labour market conditions and the travel restrictions in place," a government spokesman said.

For the first five months of 2020, the value of total retail sales decreased by 34.8%, and 36.5% by volume, compared with the same period in 2019.

Hong Kong's economy suffered its worst quarterly drop on record in the first three months of the year, while the city's biggest retailer association has estimated that 15,000 retail stores will close by the end of the year.

Hong Kong's tourist arrivals in May plunged by 99.9 from a year earlier to 8,139 visitors, the Hong Kong Tourism Board said, matching the same percentage drop in April.

The number of mainland visitors also fell 99.9% to 5,670. (https://bit.ly/2VwSHTZ)

Sales of jewellery, watches, clocks and valuable gifts, which rely heavily on mainland tourists, sank 69.7% in May, compared with a 76.7% plunge in April. Sales fell 67.0% for the January-May period.

(Editing by Jacqueline Wong)

share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
07:48aADB ASIAN DEVELOPMENT BANK : IEA Renew Agreement to Collaborate on Energy Sector Sustainability and Resilience
PU
07:45aMexican Inflation Back Above Central Bank Target in June
DJ
07:41aChina to boost investments, financing for water conservancy projects
RE
07:41aAnother 1,300 jobs at risk in UK retail sector as John Lewis shuts eight stores
RE
07:40aU.N. chief seeks end to financing of coal to smooth clean energy shift
RE
07:35aNEW BOOK : ‘You’re An Author? Don’t get Hustled’
SE
07:28aNAVIGATOR : S.A. informs on decision from the US Court to reduce the anti-dumping rate
PU
07:23aFINANCING THE ENERGY TRANSITION : Commission puts €14 billion fund to modernise energy sectors in 10 Member States into action
PU
07:16aNEWS HIGHLIGHTS : Top Company News of the Day
DJ
07:16aNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
Latest news "Economy & Forex"