Retail sales in Singapore decreased 0.6 percent year-on-year in June, reversing the 2.2 percent growth in May, the Department of Statistics said on Monday.
The motor vehicle sales grew 19.5 percent in June from a year earlier but dropped 9.1 percent month-on-month. Excluding motor vehicles, retail sales fell 3.1 percent from last year.
The estimated total retail sales value in June was 3.8 billion Singapore dollars (2.9 billion U.S. dollars), including 12.1 percent from the online market.
However, the seasonally adjusted S&P Global Singapore Purchasing Managers’ Index (PMI) posted 57.2 in July, up from 55.2 in June, marking a continued improvement in private business conditions for 17 straight months, the S&P Global said Monday.
Supported by new business growth, private business activity expanded at the fastest pace in 21 months. Meanwhile, the acceleration in new orders led to an accumulation of backlogged work in July.
In line with the increases in orders and output, Singaporean private firms further lifted their purchasing levels for a sixth straight month in July.
Average input prices increased last month due to higher purchase prices and wages. The rate of input cost inflation accelerated for a second successive month to the highest since February.
Sentiment in the Singaporean private sector remained positive at the start of the second half of 2024, hoping that new product launches and other business development efforts could spur sales.
Leave a Reply