Hong Kong's retail sales value grows 13.8% in July

Total retail sales value in Hong Kong in July surged 13.8 percent to 24.2 billion HK dollars year on year, revealed the Census and Statistics Department's latest statistics released Monday.

After netting out the effect of price changes over the same period, the total retail sales volume rose by only 6.6 percent, according to the department.

The department said the stay-home effect and weaker inbound tourism during the Beijing Olympics may have affected the local retail market in August while an uncertain global economy and the less robust stock market also may have affected consumer sentiments.

However, the department said firm labor market conditions and the expected rebound in inbound tourism after the temporary fall- off should support the retail business.

Analyzed by type of retail outlet, the sales volume of electrical goods and photographic equipment led the growth by surging 22.2 percent from the same month of last year.

Electrical goods and photographic equipment's growth was followed by sales of motor vehicles and parts ; fuels ; furniture and fixtures ; miscellaneous consumer goods ; commodities in department stores ; miscellaneous consumer durable goods ; wearing apparel ; and footwear, allied products and other clothing accessories .

The sales volume of food, alcohol and tobacco dropped 3.1 percent year on year, while that of supermarket commodities fell 1. 4 percent. The sales volume of jewelry, watches and clocks, and valuable gifts also dipped 0.8 percent.

Taking the first seven months of 2008 together, total retail sales rose 15.6 percent in value or 8.9 percent in volume over a year earlier, according to the department.

Source:Xinhua