Singapore retail sales increase 8.7% in March, reversing February's decline
People seen at a traffic crossing at Orchard road in Singapore on Mar 29, 2022. (Photo: CNA/Marcus Mark Ramos)
SINGAPORE: Singapore's retail sales increased 8.7 per cent year-on-year in March, reversing the previous month's revised 3.5 per cent decline.
The increase was partly attributed to larger growth in industries such as computer and telecommunications equipment, wearing apparel and footwear and cosmetics, toiletries and medical goods, according to data released by the Singapore Department of Statistics (SingStat) on Thursday (May 5).
Excluding motor vehicles, retail sales rose 13.4 per cent in March, compared to the adjusted 1.9 per cent decline in February.
The estimated total retail sales value came in at S$3.9 billion, of which online retail sales made up an estimated 14.9 per cent. This was higher than the 13.5 per cent recorded in February.
On a seasonally adjusted month-on-month basis, retail sales increased 7.5 per cent. Sales also increased 8.3 per cent when motor vehicles were excluded.
INCREASE IN SALES FOR MOST RETAIL INDUSTRIES
Most industries within the retail trade sector saw year-on-year increase in sales in March.
In the supermarkets and hypermarkets as well as food and alcohol industries, sales increased 9.3 per cent and 19.6 per cent respectively.
The sale of cosmetics, toiletries and medical goods rose 25.2 per cent during this period, mainly attributed to higher demand for pharmaceutical and medical products, said SingStat.
Mini-marts and convenience stores, motor vehicles as well as optical goods and books industries saw sales fall between 6 per cent and 14.1 per cent.
On a seasonally adjusted month-on-month basis, all industries recorded growth in sales in March.
Larger month-on-month growth was recorded for computer and telecommunications equipment, department stores, and wearing apparel and footwear industries, with increases between 18 per cent and 28.2 per cent.
INCREASE IN SALES FOR F&B SERVICES
Sales of food and beverage (F&B) services increased 4.7 per cent year-on-year in March, a reversal from February's 0.7 per cent decline.
“Within the food & beverage services sector, all industries recorded year-on-year growths in sales in March 2022,” said Singstat.
The turnover of food caterers rose 50.3 per cent due mainly to higher demand for in-flight catering with the opening of international borders.
Meanwhile, the turnover of restaurants increased 3.9 per cent, while cafes, food courts and other eating places as well as fast food outlets rose 1.3 per cent and 3.7 per cent respectively.
The total sales value of F&B services in March this year was estimated at S$806 million, of which online sales made up an estimated 30.4 per cent.
