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Financial News: Singapore Retail Sales Fall 1.2%

Singapore Retail Sales Fall 1.2%

06/05/2024 - 05:40:00 (RTTNews)

(RTTNews) - Singapore's retail sales decreased for the first time in four months in April, preliminary data from the Department of Statistics showed on Wednesday.

Retail sales dropped 1.2 percent year-on-year in April, reversing a 2.8 percent increase in March.

Sales excluding motor vehicles also fell 4.5 percent from last year versus a 2.1 percent gain in the prior month.

There was a 16.2 percent plunge in sales of apparel and footwear, followed by an 8.5 percent decline in sales at department stores.

Data showed that sales of recreational goods dropped 7.3 percent, while those of motor vehicles surged by 25.0 percent.

During April, the online sales proportion was 11.8 percent of the overall retail sales, slightly lower than the 12.0 percent recorded a month ago.

On a monthly basis, retail sales dropped a seasonally adjusted 2.7 percent in April compared to a 0.8 percent fall in March.

The index for food and beverage services grew 0.3 percent year-on-year in April, following a 4.9 percent rise in the prior month.

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