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Financial News: Singapore Retail Sales Growth Eases In June

Singapore Retail Sales Growth Eases In June

08/05/2022 - 04:24:00 (RTTNews)

(RTTNews) - Singapore's retail sales continued to expand strongly in June, though the rate of growth eased from the previous month, data from the Department of Statistics showed on Friday.

Retail sales climbed 14.8 percent year-over-year in June, slower than May's 17.8 percent surge.

The overall annual increase in June was mainly attributed to the low base in June 2021 when measures such as international travel restrictions were in place, the agency said.

Excluding motor vehicles, retail sales grew 19.8 percent yearly in June, following a 22.6 percent rise in the preceding month.

Sales of wearing apparel and footwear grew the most, by 92.4 percent in June from a year ago. Sales at department stores logged a sharp growth of 57.8 percent.

Sales of food and alcohol were 47.7 percent higher compared to last year and those of watches and jewelry rose 53.6 percent.

Total food and beverage sales registered an annual growth of 59.1 percent.

Sales at petrol service stations climbed 46.2 percent, while motor vehicle sales fell 11.4 percent.

On a monthly basis, retail sales fell a seasonally adjusted 1.4 percent in June, in contrast to a 1.8 percent gain in May.

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