FX.co ★ Singapore Retail Sales Growth Improves To 2.2%

Singapore's retail sector experienced a marginal uptick in October, with preliminary figures released by the Department of Statistics on Thursday indicating a positive trend. Retail sales increased by 2.2% on a year-on-year basis, compared to a 1.9% rise seen in September. Excluding motor vehicles, sales recovered slightly, showing a 0.3% increase after a 1.5% decline in the previous month.

Significant growth was noted in the motor vehicle sector with an 18.4% increase. Additionally, demand for food and alcohol rose by 5.5%. However, the sector for computer and telecommunications equipment saw a notable decrease of 10.9%.

The food and beverage services index advanced by 3.9% year-on-year in October, up from a 1.6% increase the preceding month. Online sales accounted for 12.7% of total retail sales, a slight decrease from the 13.8% share in the prior month.

On a seasonally adjusted monthly basis, retail sales edged up by 0.1% in October, following a 0.4% increase in September.