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Singapore retail sales rise 2% YOY in June

Retail sales in Singapore rose 2% year over year to S$3.9 billion in June, helped chiefly by higher motor vehicle sales, according to information released by Singapore's Department of Statistics.

Motor vehicle sales increased 9.7% year over year in June on higher sales of new vehicles. Excluding the gains from motor vehicles, total retail sales edged up 0.2% year over year in the month.

Total retail sales increased 1.2% month over month on a seasonally adjusted basis from May.

Petrol service station sales rose 9.3% year over year on higher petrol prices; medical goods and toiletries sales increased 5.8% due to higher sales of cosmetics and toiletries, and recreational goods sales increased by 5.7% on sales of sporting equipment during the soccer World Cup period.

On the other hand, sales of computer and telecommunications equipment declined 8.5%, while sales of watches and jewelry dropped 6.3% and optical goods and books decreased by 2.6% year over year in June.

The food and beverage services industry registered an increase of 2.9% year over year in June to S$677 million, compared with S$658 million a year earlier. In this sector, fast food outlets, food caterers and restaurants recorded a turnover rise of between 4.8% and 8.4% in the month.

As of July 10, US$1 was equivalent to S$1.37.