Hong Kong Jewelry Sales Suffer as Recession Sets In

Hong Kong's March retail sales fell 7.7 percent and bankruptcy fillings rose to 1,872, a five-year high, against the backdrop of a worsening recession. Declining sales on the consumer level were joined by a drop in international trade.

In March, the values of Hong Kong's total exports and imports of goods fell markedly, by 21.1 percent and 22.7 percent respectively, according to the Census and Statistics Department (C&SD).

Retail sales of jewelry, watches and clocks, and valuable gifts fell in March by 9.7 percent, faring better than wearing apparel (-19.6% in volume) but worse than food, alcoholic drinks and tobacco (-2.5%).

In the first quarter, Hong Kong's retail sales dropped 3.9 percent by value and 5.5 percent by volume from a year earlier.