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Policy Address measures highlighted

Secretary for Commerce & Economic Development Edward Yau today briefed members of the Trade & Industry Advisory Board on initiatives related to commerce and trade in the 2021 Policy Address.   Mr Yau said the Policy Address focuses on integration into national development and states that the developments of Hong Kong and the nation are closely related.   While the nation is the major growth engine and driving force for the global economy, the 14th Five-Year Plan, the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area, the Qianhai plan, the economic development pattern of not only greater domestic circulation but also domestic and international dual circulation, as well as the Belt & Road Initiative have brought unlimited opportunities for enterprises and professional services providers in Hong Kong.   The city must seize these opportunities and leverage its advantages, Mr Yau noted.   During the meeting, the commerce chief stressed that Hong

March retail sales up 20.1%

The value of total retail sales in March, provisionally estimated at $27.6 billion, rose 20.1% compared with the same month in 2020, the Census & Statistics Department announced today.   Of the total retail sales value in March, online sales accounted for 7.7%. Provisionally estimated at $2.1 billion, the value of online retail sales increased 43.3% year-on-year.   After netting out the effect of price changes over the same period, the volume of total retail sales for the month increased 19.8% compared with a year earlier.   The value of sales of other consumer goods, not elsewhere classified increased 35.2%.   This was followed by sales of electrical goods and other consumer durable goods, not elsewhere classified (+44.8% in value); jewellery, watches and clocks, and valuable gifts (+81%); wearing apparel (+77.4%); commodities in department stores (+2.2%); medicines and cosmetics (+18%); motor vehicles and parts (+23.1%); fuels (+18.8%); furniture and fixtures (+12.5%); footwear, allied products and other clothing accessories (+64.1%); books, newspapers, stationery and gifts (+19.2%); Chinese drugs and herbs (+27.7%); and optical shops (+29.1%).   The value of sales of commodities in supermarkets decreased 16.1% for the period, followed by sales of food, alcoholic drinks and tobacco (-1.8% in value).   The Government said retail sales registered a notable year-on-year increase in March, mainly due to an exceptionally low base of comparison last year. For the first quarter as a whole, retail sales volume rose 7.2% over a year earlier, but was still far below that in the first quarter of 2019 by 32.5%.   Looking ahead, the Government pointed out that while local consumption sentiment saw some improvement following the gradual relaxation of social distancing measures since mid-February, the near-term outlook for the retail trade is still challenging as inbound tourism remains in the doldrums.   To attain a stronger revival of the retail trade and a broader-based economic recovery, it is essential for the community to work together to keep the epidemic under control and to actively participate in the COVID-19 Vaccination Programme, it added.
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