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Singapore's October retail sales up 8.1% driven by motor vehicles
RETAIL sales in Singapore increased 8.1 per cent year on year in October, boosted by motor vehicle sales. Excluding motor vehicles, retail sales rose a mere 1.9 per cent during the month.
The total retail sales value in October 2014 was estimated at S$3.2 billion, compared with S$3 billion in October 2013, the Department of Statistics (DOS) said on Monday.
Sales of motor vehicles surged 44.1 per cent year on year but declined 7.7 per cent from September 2014. "Compared to October 2013, retailers of motor vehicles registered an increase in sales of 44.1 per cent in October 2014, corresponding to a larger number of motor vehicle sales transactions," the DOS added.
The slowdown in motor vehicle sales month on month made its mark on total retail sales. Compared to September, retail sales (seasonally adjusted) decreased 1.3 per cent in October. Excluding motor vehicles, retail sales performed better in October than in the previous month, increasing 0.3 per cent.
Retail sales of telecommunications apparatus & computers recorded an increase of 19.6 per cent in October 2014. Similarly, retail sales of medical goods & toiletries, food & beverages, department stores, supermarkets, optical goods & books, watches & jewellery and mini-marts & convenience stores rose between 1.5 per cent and 6.6 per cent.
In contrast, retail sales of furniture & household equipment, recreational goods and petrol service stations declined between 3.6 per cent and 6.6 per cent. Retailers of wearing apparel & footwear also saw sales falling 0.6 per cent in October 2014 over October 2013.