HONG KONG: Hong Kong's retail sales slumped by 36% in value terms in April from a year earlier, falling for the 15th consecutive month, pummeled by the outbreak of the coronavirus that has put many retailers on the brink of collapse.
Sales dropped to HK$24.1 billion , government data showed on Monday. They had tumbled 42.1% in March and 44% in February.
The government said the decline in April was narrower than in March but remained huge amid the still-severe disruptions of COVID-19. For the first four months of 2020, the value of total retail sales decreased by 35.3% and 37.1% by volume compared with the same period in 2019. The city's biggest retailer association has estimated that 15,000 retail stores will close down by the end of the year if operating conditions do not improve.
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