FX.co ★ Singapore Retail Sales Growth at Nearly 3-Year Low

Retail sales in Singapore rose by 0.7% year-on-year in August 2026, easing from a downwardly revised 1.3% increase in July and marking the weakest growth since September 2023. The moderation was led primarily by a sharp decline in sales of motor vehicles, parts and accessories (-4.6% vs 1.3% in July), watches and jewellery (-2.7% vs 10.3%), and other goods (-4.3% vs -3.7%). Growth in turnover for recreational goods also slowed notably (4.3% vs 14.3%).

By contrast, revenue growth strengthened for cosmetics, toiletries and medical goods (11.2% vs 4.5%), computer and telecommunications equipment (10.7% vs 5%), and department stores (1.6% vs -3.5%). Petrol service stations also returned to growth, with sales up 3.2% following a 1.1% decline in July. Excluding motor vehicles, parts and accessories, retail sales increased by 1.6%, picking up from 1.3% in the previous month.

On a seasonally adjusted month-on-month basis, overall retail sales fell by 1.0% in August, reversing a downwardly revised 0.6% gain in July.