A man donning a face mask walks past closed stalls in Mong Kok, Hong Kong, Aug 14, 2020. (PARKER ZHENG/CHINA DAILY)
HONG KONG - Hong Kong's service sector posted a sharp decline in business revenue during the second quarter of the year due to the COVID-19 epidemic.
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Data released by the Hong Kong Special Administrative Region government on Thursday showed major service industries posted double-digit year-on-year drops in revenue during the April-June period.
Courier industry bucked the trend and recorded an increase in revenue of 30.2 percent year on year between April and June
As the COVID-19 epidemic continued to weigh on local economic activities, industries related to consumption and tourism were especially hard hit and saw sharp falls in business receipts, a government spokesman said.
The combined revenue of tourism, convention and exhibition services nosedived 94.9 percent year on year, while accommodation, food services and information and communications registered drops of 71 percent, 25.9 percent and 13.9 percent respectively.
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Bucking the trend, the courier industry recorded an increase of 30.2 percent in revenue year on year in the period.
While import and export trade declined further, the fall narrowed as the swift recovery of the mainland economy provided some support to trade flows, the government spokesman said.
The spokesman predicted many service industries will continue to face a difficult business environment in the near term and the government will monitor the developments closely and roll out support measures when necessary.
With Xinhua inputs