XN000022-1996-04-26 — Page 32

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Provisional statistics of retail sales for February

According to the provisional figures released today (Friday) by the Census and Statistics Department, the value of total retail sales in February 1996, estimated at $18.5 billion, increased by 21% compared with February 1995. After discounting the effect of price changes over the period, total retail sales increased by 14% in volume.

Compared with a year ago, retail sales of all types of commodities (except motor vehicles and parts) recorded significant increases in value ranging from 15% to 52%. In terms of volume, the rates of increase varied between 8% and 41%. These included clothing and footwear (+52% in value, +41% in volume) and supermarkets (+48% in value, +39% in volume).

It should however be noted that retail sales in January and February are usually affected by the timing of the Chinese New Year and tend to show considerable volatilities in the first two months of the year. As the Chinese New Year occurred in mid-February this year, but in end-January last year, the year-on-year rate of change in retail sales in February this year was significantly affected by the low base of comparison in February last year. It is therefore more appropriate to compare the retail sales figures for January and February taken together.

Taking the first two months of 1996 together, total retail sales rose by 5% in value but decreased slightly by 1% in volume when compared with the same period last year.

The slight decline in total retail sales volume in the first two months of 1996 was attributable to a continued significant decline in the sales of motor vehicles, by 46% in value and 47% in volume.

Meanwhile, sales in department stores rose by 5% in value but dropped by 2% in volume. Sales of jewellery, watches and clocks and valuable gifts also went up by 4% in value but declined by 3% in volume.

Nevertheless, sales of other commodities recorded increases of various magnitudes. They included miscellaneous consumer goods (+13% in value. +8% in volume); clothing and footwear (+16% in value, +6% in volume); consumer durable goods other than motor vehicles (+9% in value, +6% in volume); food, alcoholic drinks and tobacco (+8% in value, +4% in volume) and fuels (+10% in value, +2% in volume).