继上月下降15.1%后，香港2025年3月零售额同比下降4.8%，标志着零售活动连续第十三个月下降。这主要是由于消费品下降（2月份为-17.9%，2月份为-16.6%）；服装和鞋类（-9.7%对-14.1%）；珠宝、钟表和贵重礼品（-6%对-16.6%）；百货商店（-5%对-22.9%）；燃料（-2%对-12.6%）；其他消费品（-2%对-12%）。相比之下，超市的销售额有所增长（2.8%对-18.9%）；食品、酒精饮料和烟草（7.1%对-11.1%）。按月计算，3月份零售额增长2.1%，扭转了2月份17.3%的大幅下降。政府发言人指出，全球经济前景日益增长的不确定性，以及消费模式的持续转变，将继续对该行业构成挑战。

Retail sales in Hong Kong dropped by 4.8% year-on-year in March 2025, following a 15.1% drop in the previous month, marking the thirteenth straight month of falling retail activity. This was mainly driven by the decrease in consumer goods (-17.9% vs -16.6% in February); clothing & footwear (-9.7% vs -14.1%); jewellery, watches and clocks & valuable gifts (-6% vs -16.6%); department stores (-5% vs -22.9%); fuels (-2% vs -12.6%); and other consumer goods (-2% vs -12%). In contrast, the sales increased in supermarkets (2.8% vs -18.9%); and food, alcoholic drinks & tobacco (7.1% vs -11.1%). On a monthly basis, retail sales rose by 2.1% in March, reversing the sharp 17.3% drop in February. A government spokesman noted that the growing uncertainty in the global economic outlook, along with the ongoing shift in consumption patterns, will continue to pose challenges for the sector.

美元兑港元跌至4年低点7.75。过去4周，美元香港下跌0.34%，过去12个月下跌0.76%。

USDHKD decreased to a 4-year low of 7.75. Over the past 4 weeks, US Dollar Hong Kong Dollar lost 0.34%, and in the last 12 months, it decreased 0.76%.

美元兑港元跌至38周低点7.75。过去4周，美元香港下跌0.32%，过去12个月下跌0.74%。

USDHKD decreased to a 38-week low of 7.75. Over the past 4 weeks, US Dollar Hong Kong Dollar lost 0.32%, and in the last 12 months, it decreased 0.74%.

初步估计显示，香港经济在2025年第一季度同比增长3.1%，高于前三个月修正后的2.5%。这标志着自2023年第四季度以来最强劲的增长，在唐纳德·特朗普全面提高关税之前，旅游业复苏和出口激增。官方数据显示，2025年初游客人数激增，对香港的零售和餐饮业起到了重大推动作用。就净外部需求而言，商品出口飙升（第四季度为8.7%对1.3%），进口也飙升（7.4%对0.4%）。此外，固定资本形成总额恢复（2.8%对-0.7%）。与此同时，家庭消费继续下降（-1.2%对-0.2%），政府支出有所放缓（1.2%对2.1%）。经季节性调整的季度数据显示，经济增长了2%，这是两年来最明显的增长，比前一时期向上修正的0.9%的增长有所加速。

Hong Kong’s economy expanded by 3.1% year-on-year in the first quarter of 2025, accelerating from an upwardly revised 2.5% gain in the previous three-month period, preliminary estimates showed. This marked the strongest growth since the fourth quarter of 2023, leveraging a recovery in tourism and a surge in exports ahead of Donald Trump’s sweeping tariff hikes. Official data revealed a surge in visitor numbers at the start of 2025, providing a significant boost to Hong Kong’s retail and catering sectors. In terms of net external demand, exports of goods soared (8.7% vs 1.3% in Q4), as did imports (7.4% vs 0.4%). Additionally, gross fixed capital formation recovered (2.8% vs -0.7%). Meanwhile, household consumption continued to decline (-1.2% vs -0.2%) and government spending eased (1.2% vs 2.1%). On a seasonally adjusted quarterly basis, the economy advanced by 2%, the most pronounced growth in two years and accelerating from an upwardly revised 0.9% gain in the previous period.