Singapore's retail sector maintains growth in October

Singapore’s retail sales grew by 10.4% year on year in October, lower than the 11.3% increase recorded in the previous month, according to data released by the country’s Department of Statistics on December 6.
Singapore's retail sector maintains growth in October ảnh 1People walk in Marina Bay of Singapore (Photo: AFP/VNA)

Singapore (VNA) – Singapore’s retail sales grew by 10.4% year on year in October, lower than the 11.3% increase recorded in the previous month, according to data released by the country’s Department ofStatistics on December 6.

Excluding motor vehicles, retail sales in Singapore increased by14.3% in October compared to the growth of 16.9% in September.

Total retail sales in October are about 4 billion SGD (about 2.96billion USD), of which online retailsales accounted for 13%. In September, online retail sales accounted for 13.9%.

On a seasonally adjusted basis, October retail sales marked amonth-on-month increase of 0.1%.

Almost all industries recorded an increase in sales in Octobercompared to those of the same period last year. For example, the apparel andfootwear industry increased 52.9%, just behind the food and alcohol saleswith a 61% rise.

Meanwhile, motor vehicle sales in October fell 15.8% compared tothat of the same period last year.

In September, motor vehicle sales fell 20.2%, which made theindustry the biggest loser out of the 14 industries.

The sales of food and beverage services grew by 36.9% year on yearin October while the previous month saw a growth of 29.6%.

The high growth in sales was attributed to the low base inOctober 2021 when dining out was restricted due to the COVID-19 pandemic.

The sales value of food and beverage services was estimated at949 million SGD (701 million USD) in October, of which theproportion of online sales was estimated at 24.1%./.

VNA

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