Singapore’s retail sales increase 7.5% on year in January

According to data released by Singapore’s Department of Statistics, the country’s January retail sales rose 7.5% on the year to reach SGD4.1 billion ($3 billion), up from SGD3.8 billion ($2.8 billion) in the same month of 2015. Retail sales, however, fell 1.2% on a monthly basis while also declining 0.5% when motor vehicle sales are excluded.

A surge of 50.9% on the year in motor vehicle sales was cited as the main reason behind stronger retail sales. The data showed that sales of medical goods and toiletries as well as department stores also increased 16.3% and 11.9%, respectively, from a year earlier.

However, sales of telecommunications equipment and computers recorded the largest drop of any sector, declining by 30.5% on a yearly basis. Retails sales for the food and beverage services also fell on the year to reach SGD685 million ($500 million) compared with SGD689 million ($503 million) in January 2015.