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Singapore retail sales drop 8.4% YOY in January

Total retail sales in Singapore dropped 8.4% year over year to S$3.9 billion in January, compared to S$4.3 billion in the prior year when Chinese New Year took place, according to the city-state's Department of Statistics.

On a seasonally adjusted month-to-month basis, total retail sales dropped 5.4% from December 2017 on a decline in motor vehicle sales. Excluding motor vehicles, retail sales in January were down 8.1% year over year and 1.5% month to month.

Apparel and footwear led declines among all retail sales categories in January, plunging 17.7% year over year. Sales also fell 16.3% for food retailers, 16.1% for supermarkets and hypermarkets, 14.3% for department stores, 10.5% for watches and jewelry, and 9.8% for motor vehicles.

Meanwhile, retail sales rose 7.8% year over year for furniture and household equipment, 7.6% for gas stations and 3.1% for optical goods and books.

January's total sales value of food and beverage services was S$667 million, representing a year-over-year decrease of 13.2% and a decline of 4% on a month-to-month basis.

The Chinese New Year holiday fell in late January in 2017 and in mid-February this year, which the Department of Statistics said impacted year-over-year retail sales comparisons for January.

As of March 9, US$1 was equivalent to S$1.32.