Singapore's retail sales down 1 pct in August

Singapore's retail sales dropped 1.0 percent in August year-on-year, with all sectors in the red except motor vehicles, according to the latest data released by Department of Statistics Singapore (SingStat) on Friday.

SingStat said that excluding motor vehicles, retail sales declined 6.5 percent in August year-on-year. While on a month-on-month basis, retail sales dropped 1.1 percent in the month. Excluding motor vehicles, retail sales decreased 2.1 percent.

The total retail sales value in August was estimated at 3.6 billion Singapore dollars (2.6 billion U.S. dollars), similar to that a year ago, said the authority.

Sales for motor vehicles rose 30.4 percent in August year-on-year, the only increase across all sectors. On the contrary, computers and telecommunications recorded the sharpest fall, registering 19.6 percent decline in August. It was followed by watches and jewelry, which dropped by 15 percent; as well as apparel and footwear, which registered an 11.2 percent decline.

As for food and beverage services, sales for the sector in August slumped 2.5 percent year-on-year, and dropped 1.6 percent compared with July. The total sales value for this sector was estimated at 677 million Singapore dollars (488 million U.S. dollars), lower than the 694 million Singapore dollars (500 million U.S. dollars) in August 2015.

The Retail Sales Index and the Food and Beverage Services Index measure the short-term performance of retail and food and beverage service industries based on their sales records. The sales figures exclude taxes. Endit