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Singapore retail sales decrease 0.4% YOY in August

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Singapore retail sales decrease 0.4% YOY in August

Singapore's total retail sales in August decreased 0.4% year over year to S$3.8 billion due mainly to lower motor vehicle sales, according to data released by the Department of Statistics.

Total retail sales rose 2.5% on a seasonally adjusted basis from July.

Excluding motor vehicle sales, retail sales increased 2.4% year over year and 2% month over month.

Across all retail sales categories, gas stations saw a 10.4% year-over-year increase in sales due to higher gas prices. Sales grew 6.3% for watches and jewelry, 6% for apparel and footwear, 4.4% for recreational goods, 3.3% for department stores, 2.6% for medical goods and toiletries, and 1.4% for mini-marts and convenience stores.

On the other hand, year-over-year sales dropped 12.8% for motor vehicles, 3.8% for computer and telecommunications equipment, 3.5% for food retailers, 2.3% for optical goods and books, 1% for supermarkets and hypermarkets, and 0.7% for furniture and household equipment.

Total sales for food and beverage services in August totaled S$728 million, compared with S$706 million in the year-ago period and up 3.2% from July. Among those services, fast-food outlets posted an 8.7% year-over-year sales increase in August.

As of Oct. 11, US$1 was equivalent to S$1.38.