Hong Kong's retail sales rise 7.4 percent in November

The value of total retail sales in November 2006, reached 17.0 billion HK dollars (2.18 billion U. S. dollars), up 7.4 percent over a year earlier, said the government of the Hong Kong Special Administrative Region (HKSAR) Tuesday.

After netting out the effect of price changes over the same period, the volume of total retail sales increased by 4.8 percent in November over a year earlier, said the HKSAR government in a statement.

The revised estimate of the value of total retail sales in October 2006 were at 17.8 billion HK dollars (2.29 billion U.S. dollars), up 7.0 percent year-on-year, while the volume of total retail sales increased by 5.2 percent, according to the statement. Taking the first 11 months of 2006 together, total retail sales increased by 6.9 percent in value or 5.5 percent in volume over the same period a year earlier.

The volume of sales of electrical goods and photographic equipment increased the most, by 11.9 percent, followed by sales of motor vehicles and parts, furniture and fixtures, food, alcoholic drinks and tobacco.

On the other hand, the volume of sales of miscellaneous consumer durable goods and of wearing apparel decreased by 3.6 percent and 1.9 percent respectively in November 2006 compared with a year earlier, while the volume of sales of footwear, allied products and other clothing accessories remained virtually unchanged.

A spokesman with the HKSAR government pointed out that the volume of total retail sales continued to grow solidly in November 2006 over a year earlier, amidst improving employment income and better job prospect.

"Looking ahead, the macroeconomics conditions should remain favorable and supportive to the local retail business," he said.

Source: Xinhua