Retail sales up 1.9% to $3.6b in September

Petrol service stations recorded the highest sales increase at 11.4% due to higher petrol prices.

Retail sales reversed their mild slowdown in August after inching up 1.9% YoY to $3.6b in September, the Department of Statistics (SingStat) revealed, of which online retail sales made up 4.9%.

On a MoM basis however, retail sales slipped 0.4%.

The highest increase in sales was recorded by petrol service stations which jumped 11.4% mainly due to higher petrol prices. In volume terms however, after removing the price effect, the increase was 2.1%.

Other industries which saw a YoY growth in sales were watches & jewelry (7.4%), medical goods & toiletries (3.3%), apparel & footwear (3%), motor vehicles (2.6%), food retailers and furniture & household equipment (2.5% each) and recreational goods (2%).

On the other hand, sales of computer & telecommunications equipment recorded the biggest drop in September at -5.8%, followed by optical goods and books (-3.1%).

The retail sales index (RSI) measures the short-term performance of the retail trade based on sales records.

Meanwhile, the food and beverage (F&B) services index climbed 1.3% with a total sales value at about $704m from $695m in September 2017. Food caterers was the only segment to report a drop in sales at 8.9% YoY.

All other F&B service segments recorded an increase in sales including fast food outlets (5.9%), restaurants (4%) and other eating places such as cafes (0.1%).