Hong Kong posted modest growth in retail sales in August with the total value up 10.4 percent to 22. 8 billion HK dollars (2.92 billion U.S. dollars) from the same month last year, revealed the Census and Statistics Department on Thursday.

The Census and Statistics Department said recent global financial turmoil will affect local asset markets, impacting consumer sentiment and the local economy, which needs to be monitored closely.

Taking this year's first eight months together, total retail sales rose 15 percent in value and 8.3 percent in volume over the same period last year, according to the department.

Double-digit growth in the sales volume was seen in electrical goods and photographic equipment by 21.6 percent and furniture and fixtures by 14.7 percent.

Sales volume of fuels, apparel, food, alcohol and tobacco, commodities in department stores and miscellaneous consumer goods also rose, with the growth ranging from 7.8 percent to 1.2 percent.

The sales volume of motor vehicles and parts and that of footwear, allied products and other clothing accessories, however, fell 14.8 percent and 4.1 percent respectively while miscellaneous consumer durable goods dipped 0.9 percent.

(Xinhua News Agency October 3, 2008)