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Singapore retail sales up 1.9% YOY in June

A rebound in sales of watches and jewelry helped boost Singapore's retail sales in June, while the food segment also saw modest growth, according to the latest data released by the city-state's Department of Statistics.

Total retail sales increased 1.9% year over year to S$3.7 billion in June, mainly driven by a 12.0% surge in sales of watches and jewelry, 9.8% growth in sales at gas stations, a 7.3% jump in department store sales, and a 4.4% rise in furniture and household equipment sales.

But on a month-to-month and seasonally adjusted basis, total retail sales dropped 0.5% from May. Excluding motor vehicles, June retail sales increased 0.1% from the previous month.

Three out of the 13 categories the authority monitors saw year-over-year declines in retail sales in June, with food retailers dropping 5.8%, motor vehicles falling 5.6%, and mini-marts and convenience stores sliding 1.4%.

In addition, sales of food and beverage services in Singapore were estimated at S$680 million in June, increasing 1.0% year over year and 2.1% on a month-to-month and seasonally adjusted basis.

As of Aug. 11, US$1 was equivalent to S$1.36.