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Singapore Retail Sales Fall In February

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Singapore’s retail sales declined in February, partly due to lower sale in the same month last year when sales were boosted by the pre-Chinese New Year spending, data from the Department of Statistics showed on Tuesday.

Retail sales fell 3.4 percent year-on-year in February, after a 12.0 percent increase in January. This year, pre-Chinese new year spending largely occurred in January.

Motor vehicle sales declined 14.1 percent annually in February, following a 12.0 percent fall in the previous month.

Excluding motor vehicles, retail sales fell 1.8 percent yearly in February, after a 16.1 percent growth in the preceding month.

Sales of food and alcohol decreased 16.5 percent annually in February and those of mini-marts and convenience store fell 14.1 percent.

Sales of supermarkets and hypermarkets and department stores fell by 10.8 percent and 6.0 percent, respectively.

Sales of optical goods and books declined 8.4 percent and those of others decreased 8.3 percent.

Sales of recreational goods and wearing apparel and footwear rose by 2.7 percent and 2.1 percent, respectively.

Meanwhile, sales of cosmetics, toiletries & medical goods surged 21 percent.

On a monthly basis, retail sales fell 1.2 percent in February, following a 2.2 percent fall in the prior month.

Online retail sales made up an estimated 13.6 percent of the total sales value in February, higher than the 12.4 percent recorded in January.

*UK Mar Final Composite PMI 60.9 Vs. 59.9 In Feb, Flash 59.7

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