Financial News: Singapore Retail Sales Rebound 1.0%

Singapore Retail Sales Rebound 1.0%

09/05/2024 - 04:54:00 (RTTNews)

(RTTNews) - Singapore's retail sales expanded in July after falling in the previous month, preliminary data from the Department of Statistics showed on Thursday.

Retail sales rose 1.0 percent year on year in July, reversing a 0.6 percent decrease in June.

Sales excluding motor vehicles fell at a slower pace of 2.3 percent versus a 3.1 percent decrease in the previous month.

There was a 27.2 percent surge in sales of motor vehicles, and the demand for food and alcohol was 4.7 percent higher. Meanwhile, sales at department stores showed a decline of 11.2 percent.

Data showed that sales of wearing apparel and footwear plunged 10.3 percent.

The index for food and beverage services grew 0.2 percent year-on-year in July, following a 1.9 percent rise in the prior month.

The online sales proportion was 11.9 percent of the overall retail sales, slightly slower than the 12.1 percent recorded a month ago.

On a monthly basis, retail sales climbed a seasonally adjusted 3.1 percent in July compared to a 3.7 percent fall in June.

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