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HK retail sales value up 1.1% in November

(Xinhua)
Updated: 2009-01-03 11:04

The value of total retail sales of Hong Kong in November, provisionally estimated at HK$20.5 billion ($2.65 billion), went up 1.1 percent over a year earlier, official figures released Friday indicated.

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After netting out the effect of price changes over the same period, the volume of total retail sales fell 2.8 percent over a year earlier, said the Census and Statistics Department of the Hong Kong Special Administrative Region government.

In the first 11 months of 2008, total retail sales increased 11. 6 percent in value, or 5.6 percent in volume over the same period a year earlier.

Comparing November 2008 with November 2007, the volume of fuels sales increased the most, up 9.3 percent, followed by sales of furniture and fixtures, commodities in department stores and electrical goods.

The volume of vehicle and parts sales fell the most, down 36.6 percent, followed by sales of footwear, allied products and other clothing accessories.

The department said that the volume of retail sales registered another month of year-on-year decline in November is believed to be related to the ongoing global economic slowdown that posed a drag on local consumers' spending and inbound tourism.

However, compared with October, retail business had shown some improvement in clothing and footwear outlets and in department stores.

The positive boost from the festive mood and the rebound in inbound tourism will probably be reflected in some relative improvement in retail business in December.

The further liberalization measures facilitating visits made by Mainland residents to Hong Kong the Central Government announced in December will also render some support to the retail businesses in Hong Kong.