Singapore’s April retail sales see biggest drop in 35 years
Singapore's retail sales in April plummeted 40.5 percent compared to the same period last year – the biggest drop since 1985.
HANOI, VNA - Singapore's retail sales in April plummeted 40.5 percent compared to the same period last year – the biggest drop since 1985.
According to data released by the Department of Statistics on June 5, this was a much steeper fall than the 13.3 percent decline in March and marks 15 straight months that retail sales have decreased.
Sellers of discretionary items were hit the hardest by these moves, with the sales of watches and jewellery dropping 87.8 percent. Retailers of wearing apparel and footwear also saw takings drop 85.3 percent.
Sales at department stores and motor vehicle sales plunged 84.6 percent and 77 percent, respectively.
However, sales at supermarkets and hypermarkets rose 74.6 percent, while minimarts and convenience stores also saw an increase in takings of 10.7 percent.
Estimated total retail revenue of the country in April was about 2.1 billion SGD (1.5 billion USD), with online sales making up around 17.8 percent, more than double the share in March. - VNA