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HK retail sales value up 5.9% in August
(Xinhua)
Updated: 2004-10-09 10:46

The value of Hong Kong retail sales in August is estimated at HK$15.6 billion (US$2 billion), up 5.9 percent over the same period last year.

The Census and Statistics Department said after netting out the effect of price changes over the same period that the overall volume of retail sales moderately rose 4.2 percent, following notable growth of 8.3 percent in July.

The moderation is partly due to the distortion caused by the difference in timing of the Mid-Autumn Festival between this year and last year.

Another relevant factor is a higher base of comparison in August last year, due to the instant boost to tourist spending after the launch of the Individual Visit Scheme in July last year.

Among the various types of retail outlets, sales of motor vehicles and parts rose the most, by 38.7 percent in volume, followed by electrical goods and photographic equipment 21.7 percent and furniture and fixtures 8.9 percent.

However, sales of food, alcohol and tobacco fell 7.9 percent and fuels fell 6.7 percent in volume, while sales of miscellaneous consumer durable goods fell 2.4 percent and jewelry, watches and clocks, and valuable gifts fell 1 percent in volume.

In the first eight months of the year, retail sales rose 12.1 percent in value or 10 percent in volume over the same period last year.

Based on the seasonally adjusted series, the overall volume of retail sales fell 1.5 percent in the quarter ending August, as compared to the preceding quarter.

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