Singapore's retail sales increase 8.3% in February, partly due to CNY

Retail sales in Singapore went up 8.3 per cent year-on-year in February which was the Chinese New Year (CNY) month.

It reverses the 0.5 per cent decrease in January, according to data from the Singapore Department of Statistics (SingStat) released on Monday (April 6).

Excluding motor vehicles, parts and accessories, retail sales increased 11.2 per cent in February, compared to the 2.9 per cent decline at the start of the year.

But on a seasonally adjusted basis, retail sales declined 4.1 per cent in February over the previous month.

Supermarkets and hypermarkets saw the most growth year-on-year rising 29.3 per cent.

Closely following are recreational goods which increased by 26 per cent, as well as department store sales which grew 16.8 per cent.

While sales of apparel and footwear grew 8.8 per cent compared to last year, its performance fell 14.4 per cent when seasonally adjusted.

Sales also fell for petrol service stations and motor vehicles, recording a decline of 9.8 per cent and 7.8 per cent respectively.

The estimated total retail sales value in February was $4.2 billion, of which about 14.1 per cent were online sales.

Meanwhile, sales of Food & Beverage (F&B) services also rose 5.5 per cent in February, year-on-year, making a comeback from the 3.2 per cent decline in January.

The improved performance was also due to CNY, noted SingStat.

Within the sector, almost all services gained, with food caterers and restaurants increasing the most at 12.6 per cent and 9.2 per cent respectively. 

Sales in fast-food outlets and cafes rose 4.9 per cent and 0.4 per cent during this period.

However, the turnover at food courts and other eating places dipped 4.4 per cent.

In total, the sale value of F&B services in February was estimated at $1.6 billion.

Online sales made up an estimated 20.3 per cent, lower than the 22.5 per cent recorded in January.

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lim.kewei@asiaone.com