Financial News: Singapore Retail Sales Fall 0.6%

Singapore Retail Sales Fall 0.6%

08/05/2024 - 03:51:00 (RTTNews)

(RTTNews) - Singapore's retail sales decreased in June after rebounding in the previous month, preliminary data from the Department of Statistics showed on Monday.

Retail sales dropped 0.6 percent year-on-year in June, reversing a 2.2 percent increase in May.

Sales excluding motor vehicles fell 3.1 percent from last year after remaining flat in the previous month.

There was a 12.5 percent plunge in sales of optical goods and books, followed by a 10.1 percent decline in sales of apparel and footwear.

Data showed that sales of recreational goods dropped 6.7 percent, while those of motor vehicles surged by 19.5 percent.

The index for food and beverage services grew 1.8 percent year-on-year in June, following a 3.0 percent rise in the prior month.

The online sales proportion was 12.1 percent of the overall retail sales, higher than the 11.6 percent recorded a month ago.

On a monthly basis, retail sales dropped a seasonally adjusted 3.7 percent in June compared to 2.4 percent growth in May.

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