Singapore retail sales up 5.3% y-o-y in November, reversing slump in October

RETAIL sales surged in November, reversing course from the slump in October.

Total takings grew 5.3 per cent in November compared to the same month a year ago, according to latest data by the Singapore Department of Statistics. This compared to the 0.2 per cent drop recorded in October, revised lower from earlier estimates of a 0.1 per cent dip. Sales also fell 0.6 per cent in September.

With motor vehicles stripped out, retail sales also grew 4.7 per cent year on year.

Retail takings also rose on a month-on-month basis, going up by 5.1 per cent. Excluding car sales, it also grew a respectable 2.9 per cent.

Computers & telecommunications equipment was by far the best performing category, going up by 16.6 per cent compared to a year ago. This was followed by supermarkets at 9.7 per cent and petrol service station sales at 9.6 per cent.

The worst performing category was optical goods & books, with a decline of 4.2 per cent.

On a month-on-month basis, the stellar performance of computers & telecommunications equipment was even more stark, jumping 46.5 per cent compared to October. The poorest performing category was watches & jewellery with a decline of 3.6 per cent.

Sales of food & beverage services grew 2.1 per cent year on year, but still dipped 0.1 per cent compared to October.