Hong Kong Jan retail sales down 1.3 pct yr-on-yr by value - UPDATE
HONG KONG (XFN-ASIA) - Retail sales in January fell 1.3 pct year-on-year to 20.9 bln hkd, and were down 4.8 pct by volume, the government said.
The January figures also mark a slowdown from December, which saw retail sales of 21.5 bln hkd, up 11.6 pct from a year earlier. Volume sales in December were up 8.2 pct year-on-year.
A government spokesman said the year-on-year decline in January retail sales may be attributed to the timing of the Chinese New Year which fell in February this year against January in 2006.
“The decline in the volume of total retail sales in January 2007 over a year earlier was mainly due to the distortion introduced by the difference in the timing of the Lunar New Year,” the spokesman said.
Commodities in supermarkets registered the biggest fall in sales of 15.5 pct year-on-year by volume among all sectors in January, followed by footwear and other clothing accessories with 14.9 pct.
Apparel sales fell 11.3 pct by volume; food, alcoholic drinks and tobacco sales were down 10.9 pct; fuel sales down 10 pct; and commodities in department stores down 8.9 pct.
Sales of furniture and fixture declined 4.2 pct; electrical goods and photographic equipment were down 3.1 pct, and miscellaneous consumer goods down 0.7 pct.
Sales of motor vehicles and parts increased 23.5 pct by volume in January, while sales of jewellery and valuable gifts were up 10.5 pct. Miscellaneous consumer durable goods sales also rose 5.4 pct.
Looking ahead, the government said it expects “that the generally favourable macroeconomic environment and rising labour income should continue to provide firm support to retail business.”
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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