Singapore Retail Sales Decline In January

Singapore retail sales decline at the fastest pace in January, data from the Department of Statistics showed on Thursday.

Retail sales declined 5.3 percent year-on-year in January, following a 3.4 percent fall in December.

Motor vehicle sales decreased 33.6 percent, following a 24.1 percent drop in December.

Excluding motor vehicles, retail sales rose 0.6 percent in January, following a 0.1 percent increase in the preceding month.

Sales of furniture and household equipment declined 16.0 percent and those of optical goods and books, and department stores fell by 9.4 percent and 6.9 percent, respectively, in January.

On a monthly basis, retail sales edged up 0.1 percent in January, after a 0.4 percent fall in the previous month.

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