HK retail sales value grows 9.8% in 2012

2013-01-31 13:38:37 GMT2013-01-31 21:38:37(Beijing Time)  Xinhua English

The total retail sales of Hong Kong in 2012 increased 9.8 percent in value and 7.2 percent in volume year on year, Hong Kong's Census and Statistics Department said Thursday.

The total retail sales value in December, provisionally estimated at 46.9 billion HK dollars (6.04 billion U.S. dollars), rose 8.8 percent over a year earlier. After netting out the effect of price changes over the same period, the total retail sales volume increased 8.1 percent over a year earlier.

The revised estimate of total retail sales value in November, at 36.5 billion HK dollars, rose 9.4 percent year on year, while the total retail sales volume grew 8.1 percent.

Analyzed by broad type of retail outlet and comparing December 2012 with December 2011, the sales volume of jewelry, watches and clocks, and valuable gifts increased by 9.4 percent.

This was followed by sales of apparel, commodities in department stores, electrical goods and photographic equipment, commodities in supermarkets, medicines and cosmetics, miscellaneous consumer durable goods, footwear, allied products and other clothing accessories, Chinese drugs and herbs, and optical shops.

The sales volume of food, alcohol and tobacco decreased by 5.9 percent, followed by motor vehicles and parts, fuels, furniture and fixtures, and books, newspapers, stationery and gifts.

The department said retail sales sustained notable year-on-year growth in December, reflecting the sanguine consumer sentiment amid favorable labor market conditions and vibrant inbound tourism.

Looking ahead, it said the near-term performance of the retail business should continue to be underpinned by recent improvement in economic sentiment and further growth in visitor arrivals. However, the public should stay alert to developments in the external environment, which still faces considerable uncertainties (1 U.S. dollar is equivalent to 7.76 HK dollars).

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