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HK retail sales value up 9.4% in March
(Xinhua)
Updated: 2004-05-07 22:17

Hong Kong's retail sales value in March rose 9.4 percent from a year earlier, the Hong Kong Census and Statistics Department (C&SD) said Friday.

The total retail sales value was estimated at HK$15.5 billion (US$2 billion). After netting out the effect of price changes over the same period, the overall retail sales volume rose 9.1 percent.

The C&SD said sustained revival in local consumer demand and vibrant inbound tourism contributed to the strong growth. Another reason is a relatively low base of comparison owing to reduced business caused by the SARS outbreak last year.

However, the C&SD said retail sales showed greater volatility in the first two months of this year due to the effect of the Lunar New Year. For the first two months combined, retail sales surged 7.9 percent in value or 6.5 percent in volume from a year earlier.

For the first quarter, retail sales swelled 8.4 percent in value or 7.3 percent in volume. Based on the seasonally adjusted series, the overall retail sales volume rose 3.6 percent in the first quarter.

Among the major types of retail outlets, sales of motor vehicles, having registered year-on-year declines for 12 consecutive months, rebounded sharply to a 47.3 percent growth in volume, on the back of intensive promotion and attractive price cuts. This was followed by sales of electrical goods and photographic equipment, jewelry, watches and clocks, and valuable gifts.

On the other hand, sales of commodities in supermarkets dropped 5.6 percent in volume.

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