July retail sales value up 14.2 pct in HK

Hong Kong's total retail sales value rose by 14.2 percent to 21.3 billion HK dollars (2.74 billion U.S. dollars) in July compared with that of the same period last year, Hong Kong Census and Statistics Department said on Monday.

The total retail sales volume also rose 12.1 percent, which reflects the upbeat consumer sentiment on the back of robust economic fundamentals, rising wages and an improving labor market.The booming stock market and continued rise in visitors also helped.

Rising labor income and further expansion of inbound tourism should remain the favorable factors supporting the retail business, the department said.

Analyzed by type of retail outlet, the sales volume of motor vehicles and parts increased the most, by 55.9 percent from a year earlier. This was followed by sales of electrical goods and photographic equipment; jewelry, watches and clocks, and valuable gifts; footwear, allied products and other clothing accessories.

The total retail sales in the first seven months in 2007 grew 10 percent in value or 7.9 percent in volume over the same period a year earlier. The total retail sales volume grew 5.9 percent in the quarter ending July compared with the preceding three-month period, according to statistics from the department.