Volume of sales declines in April
consecutive month in April, Government reported yesterday.
Coming off a substantial comparative March rise of 24.5 percent, residents declared some $2,312,000 worth of goods in April, a six percent increase over April in the year before.
For the 12 months to the end of April, 1997, overseas purchases have totalled nearly $29 million or an averaged of more than $2.4 million a month.
Retailers have argued in the past that money spent overseas is being withdrawn from local circulation and has led to the shrinking of the relative retail market, closing businesses and the lay off of retail staff.
The April 1997 index for the total value of retail sales increased by 1.4 percent, year-over-year, with gross turnover in the retail sector estimated at $40.9 million for the month.
After adjusting for April's 2.2 percent inflation rate, the volume of retail sales fell 0.8 percent below April, 1996, despite an additional shopping day in the month this year.
The Statistics Department said sales could have been hurt because Easter fell in March, not April as it did in 1996.
Gross revenue flows from the broad groupings of retailers, excluding the liquor store sector, surpassed the previous year's levels.
Motor vehicle and service station aggregate receipts, as reported by participating dealers, were 5.6 percent higher Both fuel and vehicle sales were up for the month.
In the general retail sector, gross sales for the mix of retail stores increased 1.1 percent year-over-year, with varying results for the sector.
Consumer demand for household appliances, furniture, household furnishings and pharmaceuticals contracted during April.
There were strong increases in sales revenue for building materials, hardware supplies and electronic equipment.
In the remaining sector, food store sales increased 0.8 percent year-over-year.