Hong Kong's retail sales down 4.4% in April
Hong Kong's Census and Statistics Department said on Monday that retail sales in the city fell 4.4% year on year to HK$27.1 billion in April, and that though the drop is 3.3 percentage points less than the drop in March, retail has probably not yet hit bottom.
Improvements in local stock and housing markets, as well as the stable performance of inbound tourism account for April's relative improvement. However, it is predicted that the H1N1 virus will continue to have a negative effect on tourism in the near term.
April retail sales may have declined 5.5% from a year earlier, taking into account the effect of price changes over the same period, said the department.
In the first four months of this year, the value of retail sales in Hong Kong shed 4% over the same period of last year, while the amount of retail sales fell 9.2% year on year.
In April alone, the sales of autos and auto parts plunged 34% year on year, while those of garments went down 12.8% from a year earlier. In addition, the city saw a 9.7% sales decline in furniture and fastening devices.
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