Hong Kong Retail Sales Slide 13% in February

MT Newswires Live04-02

Hong Kong's retail sales value fell 13% year over year to HK$29.4 billion in February due to the timing of the Chinese New Year, according to data from the city's census and statistics department released Monday.

The rate of decline in February is sharper compared with January's 3.1% fall.

Online sales stood at HK$2.3 billion, down 7.3% year over year and comprised 7.8% of all retail sales for the month, the department said.

Net of price changes, the volume of total retail sales declined 15% year over year, sharper than the 5.1% decline seen in January.

The Chinese New Year timings affected retail sales figures in January and February, according to the department, with spending increasing to a seasonal high before the festival, the department said.

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