Singapore retail sales witness decline for four straight months

(Source: Bigstock)

Singapore retail sales – excluding motor vehicles – continued to drop in September, marking the fourth consecutive month of decline.

According to the Department of Statistics, retail sales fell 1.4 per cent in September, extending the 1.3 per cent decrease in August. The estimated value was SG$3.4 billion (US$2.6 billion), of which 16.2 per cent came from online.

On a seasonally adjusted basis, retail sales were down 0.2 per cent compared to the prior month.

While most industries recorded year-on-year declines in sales, wearing apparel & footwear reported the biggest drop of 9.3 per cent. This was followed by petrol service stations and department stores with decreases of 9 per cent and 6.8 per cent, respectively.

Meanwhile, retailers of cosmetics, toiletries & medical goods, furniture & household equipment, and supermarkets & hypermarkets enjoyed sales improvements of 1.7 to 2.9 per cent.

Sales of food & beverage services rose 1.6 per cent, extending the 4.4 per cent growth in August. The total value was SG$978 million, of which 23.9 per cent was from online.

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