Hong Kong's retail sales declined further at the start of the year, though at a slower pace than in the previous two months, preliminary figures from the Census and Statistics Department showed Thursday.
The value of retail sales dropped 0.9 percent year-over-year in January, well below the 2.9 percent decline in December. The measure has been falling since March 2015.
Similarly, retail sales volume fell at a slower rate of 1.4 percent annually in January, following a 2.9 percent decrease in the prior month.
The value of sales of jewellery, watches and clocks, and valuable gifts dipped 3.9 percent yearly in January and those of wearing apparel went down by 5.2 percent.
Meanwhile, the value of sale of commodities in supermarkets grew by 5.4 percent.
"The retail sales figures for January may be somewhat affected by the difference in timing of the Lunar New Year, which fell in late January this year but early February last year," a government spokesman said.
"It would thus be more meaningful to examine the figures for January and February combined, when available, to have a clearer picture of the underlying trend."
"Looking ahead, the near-term outlook for the retail sales business will continue to depend on the performance of inbound tourism and on whether local consumer sentiment would be affected by the various uncertainties in the external environment. The Government will continue to monitor the situation closely."
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