Singapore’s retail sales continue to increase in Oct

According to data released by Singapore’s Department of Statistics (SingStat), the country’s retail sales increased 2.2% on the year in October owing to an increase in motor vehicles sales. Excluding motor vehicles, Singapore’s total October retail sales fell by 0.3% from a year earlier.

Meanwhile, overall retail sales were up by 1.7% on a monthly basis. Retail sales excluding motor vehicles also rose by 1.5% in October.

The total retail sales value was reported at S$3.7 billion ($2.57 billion) in October, up from S$3.6 billion ($2.50 billion) in the same month a year earlier.

Retail sales in the motor vehicles sector rose 14.5% year over year in October, posting the largest increase among all sectors. Retail sales in supermarkets, department stores, medical goods and toiletries, petrol service stations, recreational goods, food and beverages, watches and jewellery also rose by between 0.3% and 5.6%.

Meanwhile, the largest decline was seen in sales in computer and telecommunications equipment sectors, dropping by 8.1% from the previous year. Retail sales in wearing apparel and footwear, furniture and household equipment, as well as optical goods and books were also down by between 1.8%-3.5%.