Singapore retail sales down 9.5% in February

Blame it on CNY effect.

According to a release, retail sales (seasonally adjusted) increased 3.0% in February 2014 over the previous month. Excluding motor vehicles, retail sales increased 1.0%.

Compared to February 2013, retail sales declined 9.5% in February 2014. This was partly due to Chinese New Year falling in the month of February in 2013 but in end January this year. Excluding motor vehicles, retail sales fell 9.2%.

Month-on-Month Change (Seasonally Adjusted)

After seasonal adjustment, retailers of motor vehicles recorded an increase of 14.3% in retail sales in February 2014. Similarly, retail sales of wearing apparel & footwear, watches & jewellery, medical goods & toiletries, provision & sundry shops, department stores, telecommunications apparatus & computers and furniture & household equipment increased between 1.4% and 8.9% in February 2014 compared to the previous month.

On the other hand, supermarkets recorded a sales decrease of 21.2% in February 2014 over January 2014. Similarly, retailers of food & beverages, optical goods & books, recreational goods and petrol service stations recorded declines in sales of 2.7% to 8.0% over the same period