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Financials

Hong Kong April retail sales plunge 36.1% y/y as coronavirus hammers

HONG KONG, June 1 (Reuters) - Hong Kong’s retail sales fell by 36.1% in April from a year earlier, hammered by the outbreak of the new coronavirus that has sent many retailers to the brink of collapse.

Sales dropped to HK$24.1 billion ($3.11 billion), government data showed on Monday, the fifteen consecutive month of decline. March plunged 42.1% and February’s fall was 44%.

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

Months of anti-government unrest have also weighed on the retail sector in Hong Kong. ($1 = 7.7515 Hong Kong dollars) (Reporting by Donny Kwok and Twinnie Siu; Editing by Gareth Jones)

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