FX.co ★ Singapore Retail Sales Fall 0.4%

Preliminary data released by Singapore's Department of Statistics revealed a decrease in retail sales for December, following a comeback the month prior. This represented a 0.4% year-on-year drop, overturning November's 2.4% increase. Discounting motor vehicle sales, the decline escalates to 2.7% from the previous year, veering from a 1.3% climb in November.

Recreational goods experienced a significant 12.3% decrease, with optical goods and books closely behind with a decline of 11.8%. Data also showed convenience stores and mini-marts suffered an 8.2% hit. However, sales of motor vehicles alone saw a impressive rise, with a surge of 23.8%.

In December, e-commerce accounted for 13.1% of total retail sales, marking a decrease from November's 15.3%. Adjusted for seasonal variations, retail sales in December experienced a monthly reduction of 1.5%, contrasting to November's 0.5% increase.

The food and beverage industry saw a slight growth with the services index rising by a modest 0.3% in December year-on-year, albeit lower than the 1.6% increase of the preceding month.