Singapore Retail Sales Fall 0.4% In January

(RTTNews) - Singapore's retail sales decreased for the first time in eleven months in January, preliminary data from the Department of Statistics showed on Thursday.

Retail sales dropped 0.4 percent annually in January, reversing a revised 2.5 percent increase in December.

Sales excluding motor vehicles declined 2.8 percent versus a 1.8 percent increase in the previous month.

The contraction in retail sales was partly due to Chinese New Year occurring in February this year as opposed to January last year, the agency said.

There was a 12.9 percent plunge in sales of wearing apparel and footwear from last year. Sales at department stores grew 12.3 percent, and those at petrol service stations declined by 9.7 percent. Similarly, sales at supermarkets and hypermarkets were 9.7 percent lower.

Meanwhile, sales of recreational goods surged 19.6 percent, and those of watches and jewelry increased 15.1 percent.

The index for food and beverage services fell 3.4 percent year-on-year in January, after a 0.3 percent decrease in the prior month.

On a monthly basis, retail sales rebounded a seasonally adjusted 6.1 percent in January compared to a 2.7 percent drop in December.