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Straits Times
5 days ago
- Business
- Straits Times
Singapore retail sales rise in April by 0.3%
The total retail sales value in April was $3.9 billion. PHOTO: ST FILE SINGAPORE - Retail sales in Singapore continued rising in April, continuing the growth in the previous month. On a year-on-year basis, retail sales grew 0.3 per cent, extending the 1.3 per cent growth in March , according to figures released by the Singapore Department of Statistics on June 5. Excluding motor vehicles, seasonally adjusted retail sales rose 0.2 per cent from March. The total retail sales value in April was $3.9 billion. Online sales accounted for 12.6 per cent of this, lower than March's 13.3 per cent. Half of the total sales of computer and telecommunications equipment were made online (49.8 per cent). For furniture and household equipment, online sales proportion was 30 per cent, and for supermarkets and hypermarkets, 13.1 per cent. Within the retail trade sector, more than half of the industries recorded year-on-year growth in sales in April, with computer and telecommunications equipment sales seeing the highest growth (14.8 per cent). The sales of watches and jewellery rose 12.9 per cent due to higher sales of jewellery, while sales of recreational goods rose 4.9 per cent. In contrast, the petrol service stations sector and the wearing apparel and footwear sector recorded year-on-year sales declines of 10.6 per cent and 10.3 per cent, respectively. Food and beverage sales increased 1.2 per cent in April on a year-on-year basis, reversing the 2.7 per cent decline in March . On a seasonally adjusted basis, sales of food and beverage services also increased 1.2 per cent in April compared with the previous month. The total sales value of food and beverage services in April was estimated at $947 million. Of this, an estimated 25.9 per cent was from online sales, higher than the 25 per cent recorded in March. Year-on-year declines were seen for restaurants at 3.7 per cent, but fast-food outlets sales saw a rise of 1.9 per cent, while sales for food caterers went up 19.9 per cent. Overall, retail sales were likely impacted by the challenging recovery in tourist arrivals, which remain below pre-pandemic levels as of April year-to-date, said UOB economist Jester Koh. Furthermore, retail sales continue to be weighed down by the diversion of residents spending abroad, with the Singdollar still exhibiting relative strength among the Asian currencies year-to-date, said Mr Koh. 'We continue to foresee downside risks to Singapore's retail sales over the coming months amid elevated economic uncertainty,' said DBS Bank economist Chua Han Teng. Weaker domestic labour market conditions, which already softened in the first quarter of 2025, have the potential to further dampen household spending and retail sales, said Mr Chua. 'Heightened global trade policy uncertainty and high global trade frictions will negatively impact Singapore's export-reliant economy, especially in the second half of 2025,' he added. 'This will in turn weigh on business hiring and wage increment, leading to belt-tightening by households, and dragging down retail sales.' Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
05-05-2025
- Business
- Straits Times
Singapore retail sales bounce back in March, rising by 1.1%
The total retail sales value in March was $4.3 billion in Singapore. ST PHOTO: TARYN NG SINGAPORE – Retail sales in Singapore rebounded in March, with the highest growth rates seen in watches and jewellery. On a year-on-year basis, retail sales grew 1.1 per cent, against the previous month's 3.5 per cent fall, according to figures released by the Singapore Department of Statistics on May 5. Excluding motor vehicles, retail sales rose 0.7 per cent, compared with the 6.5 per cent decline in February. The total retail sales value in March was $4.3 billion. Online sales accounted for 13.4 per cent of this, higher than February's 12.3 per cent. Online retail sales made up 50.5 per cent of the total sales of computer and telecommunications equipment; 32.8 per cent of that for furniture and household equipment; and 13.1 per cent of the total sales for supermarkets and hypermarkets. Within the retail trade sector, half of the industries recorded year-on-year growth in sales in March, with the watch and jewellery industry recording the highest growth of 13.5 per cent, due to higher sales of jewellery. Similarly, the cosmetics, toiletries and medical goods industry rose 3.6 per cent, while the supermarkets and hypermarkets industry rose 3.4 per cent. In contrast, the petrol service stations sector, and the wearing apparel and footwear industry recorded year-on-year declines in sales of 8.2 per cent and 8 per cent respectively. Despite the headline year-on-year improvement in March, performance across the 14 major categories was mixed, said DBS Bank senior economist Chua Han Teng. He added that discretionary spending on items such as wearing apparel and footwear, optical goods and books declined year on year in March. Household spending and retail sales have the potential to be dampened by softer domestic labour market conditions, he said. Food and beverage sales fell 2.8 per cent in March on a year-on-year basis, extending the 5.7 per cent drop in the previous month. On a seasonally adjusted basis, sales of food and beverage services declined 3.2 per cent in March from that of the previous month. The total sales value of food and beverage services in March was estimated at $960 million. Of this, an estimated 24.9 per cent was from online sales, higher than the 23.2 per cent recorded in February. Year-on-year declines were seen for restaurants at 6.6 per cent, and fast-food outlets at 3.6 per cent. On the other hand, sales for food caterers went up 19.6 per cent. Mr Chua said that while Singapore's retail sales appeared resilient in the first quarter of 2025, he foresees downside risks over the coming months. 'Elevated global trade tensions are likely to negatively impact Singapore's export-reliant economy, especially in the second half of 2025, weighing on business hiring and wage increment, and consequently pulling back retail sales,' said Mr Chua. Join ST's Telegram channel and get the latest breaking news delivered to you.
