Singapore retail sales growth slows to 1.5% in July

Recreational goods and watches and jewellery led annual gains.

Singapore's retail sales increased 1.5% YoY at current prices in July, slowing from 4% growth in June, according to its Department of Statistics.

Excluding motor vehicles, parts and accessories, retail sales also rose 1.5%, compared with a 4.1% increase in the previous month.

The total value of retail sales was estimated at $4.4b. Excluding motor vehicles, parts and accessories, sales amounted to approximately $3.7b.

Recreational-goods retailers recorded the strongest annual growth at 13.9%, supported by higher sporting-goods sales.

Sales of watches and jewellery increased 11.1%, whilst computers and telecommunications equipment rose 5.1%.

These gains were partly offset by weaker sales in several segments. Food and alcohol declined 5.1%, whilst department stores recorded a 3.5% decrease.

On a seasonally adjusted basis, total retail sales increased 0.9% from June. Excluding motor vehicles, sales rose 0.7%.

Recreational goods led the monthly increase with growth of 7.5%, followed by department stores at 4.6% and supermarkets and hypermarkets at 4.3%.

Petrol-service-station sales fell 7.2% from June, whilst computers and telecommunications equipment declined 4.7%.

Online transactions accounted for 15.4% of total retail sales in July, down from 16.4% in June.

Computers and telecommunications equipment had the highest online-sales share at 62.9%, followed by furniture and household equipment at 35.6%.