Singapore’s retail sales fall 3.2% on year in February

According to data released by Singapore’s Department of Statistics, the country’s February retail sales declined 3.2% on the year to reach SGD3.4 billion ($2.5 billion), down from SGD3.5 billion ($2.58 billion) in the same month of 2015. Retails sales, meanwhile, rose 1.7% on a monthly basis, although retail sales declined 1.1% when motor vehicle sales are excluded.

A surge of 51.3% on the year in motor vehicle sales was cited as the main reason behind stronger monthly retail sales data. The data showed that sales of medical goods and toiletries as well as department store sales also increased 4.1% and 0.8%, respectively, from a year earlier. However, retail sales of food and beverages, telecommunications equipment and computers as well furniture and household equipment posted declines on a yearly basis.

Meanwhile, retail sales for food and beverage services also fell 1.9% on the year to reach SGD677 million ($498 million) compared with SGD690 million ($508 million) in February 2015.