Real Singapore retail sales plummet

Real Singapore retail sales plummeted almost 10 per cent in February compared with 12 months earlier.

According to data from Statistics Singapore, sales declined 9.6 per cent year-on-year after the distortion of motor vehicle sales was removed from the data.

 

Month-on-month, real Singapore retail sales fell 1.1 per cent.

SG retail sale Feb 2016The total retail sales value in February 2016 was estimated at $3.4 billion, including motor vehicles, lower than the $3.5 billion in February 2015.

Meanwhile, sales of food & beverage services (seasonally adjusted) increased 0.3 per cent month on month and fell 1.9 per cent year-on-year.

From January to February, retail sales of clothing and footwear, telecommunications devices, computers, medical goods & toiletries, supermarkets and food & beverages rose between 0.9 per cent and 5.2 per cent.

SG retail sales F&B Feb 2016But sales of optical goods & books, furniture & household items, at mini-marts & convenience stores and department stores and of watches & jewellery decreased between 1.2 per cent and 8.7 per cent during this period.

Year-on-year figures showed a more dramatic variation.

Food & beverage sales decreased 34.7 per cent in February. Other items to fall between 4.8 per cent and 16.6 per cent included telecommunications devices, computers, furniture & household equipment, clothing & footwear, watches & jewellery, spending at department stores and supermarkets and sales of optical goods, books and recreational goods.

Retail sales of medical goods & toiletries and at mini-marts & convenience stores grew by 4.1 per cent and 0.8 per cent respectively.

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