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Singapore retail sales grow 2 pct year-on-year in June
SINGAPORE, Aug. 11, 2018 (BSS/Xinhua) – Singapore’s retail sales went up 2
percent year on year this June, comparing to a 0.2 percent growth in May, due
partially to higher motor vehicle sales, the Department of Statistics of
Singapore announced on Friday.
The retail sales grew also by 1.2 percent month on month on a seasonally
adjusted basis in June, comparing to a 0.1 percent month-on-month increase in
the previous month.
The authority said excluding motor vehicles, retail sales of this June
rose 0.2 percent year on year but declined 1.8 percent month on month.
Singapore’s total retail sales value in June was estimated at 3.9 billion
Singapore dollars (about 2.85 billion US dollars). The estimated proportion
of online retail sales to total retail sales is around 4.1 percent.
Meanwhile, the sales of food and beverage services increased 2.9 percent
year on year and 0.9 percent month on month. The sales value was estimated at
677 million Singapore dollars (about 493.86 million US dollars) in June.
Selena Ling, Head of Treasury Research & Strategy of the OCBC Bank, said
the key drivers for the June outperformance was motor vehicles sales, as
Singaporean car buyers were likely attracted back to the car showrooms amid
the declining Certificate of Entitlement (COE) premiums. A COE represents a
right to vehicle ownership and use of the limited road space for ten years in
the city-state.
Looking ahead, Ling anticipates that Singapore’s retail sales could
average 0.2 percent year on year for 2018, which is very subdued compared to
the 1.8 percent seen last year.
For the first half of this year, retail sales grew a very tepid 0.2
percent year on year, compared to the 0.9 percent for the same period of last
year. “This assumes that the second half retail sales would not see any
significant pick-up,” she added.
BSS/XINHUA/HR/1220