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Singapore Retail Sales Rebound Strongly

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Singapore’s retail sales recovered strongly in April as most industries marked sharp growth, especially in the computer and telecommunications equipment segment, data from the Department of Statistics showed on Thursday.

Retail sales climbed 8.7 percent year-on-year in March, in contrast to a 3.5 percent fall in February.

Singapore lifted Covid-19 restrictions in April and this is likely to boost sales in coming months.

Online retail sales accounted for 14.9 percent of total sales value in March, which was higher than the 13.5 percent recorded in February.

The statistical office attributed the higher proportion to more online sales recorded during promotional events in March 2022.

The computer & telecommunications equipment industry registered a sales growth of 27.3 percent annually in March.

Sales of clothing and footwear increased 25.8 percent and those of cosmetics, toiletries & medical goods climbed 25.2 percent respectively, on the back of higher demand.

Excluding motor vehicles, retail sales advanced 13.4 percent yearly in March, after a 1.9 percent decline in the prior month.

On a monthly basis, retail sales rebounded sharply by 7.5 percent in March, following a 1.5 percent drop in February.

Data also showed that the food and beverage service index rose 4.7 percent annually after a 0.7 percent decline in the previous month. Sales in this industry grew 8.0 percent monthly in March.

ING economic Nicholas Mapa said the latest upside surprise suggests that the first quarter GDP could be revised higher as sales remained robust despite a pickup in inflation.

Citing the expected acceleration in inflation, both headline and core, the economist said the retail sales growth may eventually lose some momentum.

“Furthermore, a projected slowdown in global trade could also weigh on consumer sentiment, yet another factor that could dampen retail sales in the near?term,” Mapa added.

*Slovenia Mar Imports Up 45.5% Y/Y

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