FX.co ★ Singapore Retail Sales Fall 1.2%

Singapore experienced a decline in retail sales for the first time in four months this April, according to preliminary data released by the Department of Statistics on Wednesday.

Retail sales decreased by 1.2 percent year-over-year in April, reversing the 2.8 percent growth observed in March. When excluding motor vehicles, sales dropped by 4.5 percent from last year, compared to a 2.1 percent increase in the previous month.

Notably, sales in the apparel and footwear sector saw a significant decline of 16.2 percent, while department stores experienced an 8.5 percent reduction in sales.

Further data revealed a 7.3 percent decrease in sales of recreational goods, juxtaposed with a notable 25.0 percent surge in motor vehicle sales.

In April, online sales accounted for 11.8 percent of the total retail sales, slightly down from the 12.0 percent registered in March.

On a month-to-month basis, retail sales fell by a seasonally adjusted 2.7 percent in April, following a 0.8 percent decline in March.

However, the index for food and beverage services showed a modest growth of 0.3 percent year-on-year in April, after a more robust 4.9 percent rise in the preceding month.