Retail sales drop for 14th month in a row
Retail sales drop for 14th month in a row
Retail sales dropped by 2.3 percent year-on-year in April to an estimated HK$28.9 billion. File photo: RTHK
Retail sales dropped for the 14th month in a row in April, although the government said the sector's performance has shown signs of stabilisation.
Figures from the Census and Statistics Department showed the value of total retail sales dropped by 2.3 percent year-on-year to an estimated HK$28.9 billion.
This was lower than the revised 3.5 percent decline recorded in March.
Sales of motor vehicles and parts fell the most, by more than 53 percent compared to the same period last year. This was followed by a 16.7 percent decline in sales of furniture and fixtures.
Combining the first four months of the year, the value of total sales dropped by 5.6 percent year-on-year.
A government spokesman said April's decline was modest and had narrowed compared to previous months.
Looking ahead, he said the administration's promotion of tourism and mega events will help stimulate the consumption market.
Increased wages and sustained and steady mainland economic growth will also bolster consumption sentiment, he added.
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