Financial News: Singapore Retail Sales Rise 0.3%

Singapore Retail Sales Rise 0.3%

(RTTNews) - Singapore's retail sales increased for the second straight month in April, though at a slower pace, preliminary data from the Department of Statistics showed on Thursday.

Retail sales rose 0.3 percent year-on-year in April, following an upwardly revised 1.3 percent rebound in March.

Sales excluding motor vehicles increased 0.8 percent from last year versus a 0.9 percent gain in the prior month.

The slowdown in growth was mainly due to a 10.6 percent lower sales at petrol service stations and a 10.3 percent slump in sales of wearing apparel and footwear.

Meanwhile, the overall increase in May was driven by a 14.8 percent surge in sales for computer and telecommunications equipment and 12.9 percent more sales of watches and jewelry.

Data showed that sales at supermarkets and hypermarkets grew 1.7 percent, while those at department stores declined by 8.2 percent.

During April, the online sales proportion was 12.6  percent of the overall retail sales, lower than the 13.3 percent recorded a month ago.

On a monthly basis, retail sales rebounded a seasonally adjusted 0.3 percent in April compared to a 2.7 percent fall in March.

The index for food and beverage services grew 1.2 percent year-on-year in April, reversing a 2.7 percent fall in the prior month.

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