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Singapore's retail sales post sharp month-on-month rebound in June
2020/8/7 9:44:19 Source:Xinhua

SINGAPORE, Aug. 5 (Xinhua) -- The Department of Statistics (DOS) of Singapore announced on Wednesday that Singapore's retail sales increased 51.1 percent this June on a seasonally adjusted month-on-month basis, compared to a revised 21.4 percent decrease in the previous month.

DOS attributes the month-on-month growth mainly to the low base in May 2020 when physical stores were closed for the entire month during the Circuit Breaker period.

On a year-on-year basis, Singapore's retail sales decreased 27.8 percent in June, an improvement from a revised 52 percent decline recorded in May, as Singapore exited the Circuit Breaker with physical retail stores re-opening in Phase Two.

Singapore implemented Circuit Breaker measures from April 7 to June 1 to contain the COVID-19 transmission. The gradual resumption of business activities started for Phase One on June 2 and Phase Two on June 19.

The proportion of online sales in the total retail sales value, which was about 2.6 billion Singapore dollars (about 1.9 billion U.S. dollars), declined from 24.5 percent in May to an estimated 18.1 percent in June.

Excluding motor vehicles, Singapore's retail sales in June declined by 24.2 percent year on year but grew 43.1 percent month on month.

DOS also announced that the sales of food and beverage services decreased by 43.5 percent year on year but grew 18.9 percent month on month in June. The sales value was estimated at 496 million Singapore dollars (about 361.7 million U.S. dollars), of which the proportion of online sales declined from 44.6 percent in May to an estimated 32.7 percent in June. Enditem

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