HONG KONG’S retail sales fell 2.9 percent by value in March from a year earlier, underscoring the impact of a drop in Chinese mainland tourists and tighter visa rules on residents from Shenzhen who visit Hong Kong.

    For the first quarter of 2015, the value of retail sales fell 2.3 percent from a year earlier, while the volume of retail sales was virtually unchanged over that period.

    For March, retail sales fell to HK$38.4 billion (US$4.95 billion) but climbed 0.8 percent by volume. That followed a 4.9 percent rise in retail sales value in February, and a 14.5 percent drop in January in the most marked drop since 2003.

    “Most types of retail outlets recorded year-on-year declines in sales, conceivably reflecting the slowdown in inbound tourism,” the government said in a statement. (SD-Agencies)