June 30, 2020 / 8:45 AM / 12 days ago

Hong Kong May retail sales plunge 32.8% y/y as coronavirus weighs

HONG KONG, June 30 (Reuters) - Hong Kong’s retail sales fell 32.8% in May from a year earlier, hammered by the coronavirus outbreak which has kept tourists away and sent many retailers to the brink of collapse.

Sales dropped to HK$26.8 billion ($3.46 billion), government data showed on Tuesday, the 16th consecutive month of decline. That compared with April’s 36.1% fall, March’s 42.1% drop and February’s 44% decline.

In volume terms, retail sales in May fell 33.9%, compared with a fall of 37.5% in April, 44.0% in March and 46.7% in February.

Months of anti-government unrest in Hong Kong have also weighed on the retail sector. ($1 = 7.7501 Hong Kong dollars) (Reporting by Donny Kwok and Twinnie Siu; Editing by Andrew Heavens)

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