Home · Business · Oct 5 archive
Singapore Retail Sales Growth Slows to 1 Percent in August
Confirmed
In Short: Singapore's retail sales growth slowed to 1 percent year-on-year in August, according to data from the Singapore Department of Statistics.
Singapore's retail sales growth slowed to 1 percent year-on-year in August, following a trend observed in July, where sales growth had already moderated from the previous month.
The Singapore Department of Statistics reported that sales grew in seven out of 14 categories on a yearly basis, with a 1.5 percent increase in July, down from June's 4 percent growth.
The performance was mixed across categories, with half of the retail sectors posting year-on-year growth in sales in July.
Excluding motor vehicles, parts and accessories, retail sales grew 1.5 percent, from June’s 4.1 percent.
On a seasonally adjusted, month-on-month basis, retail sales expanded 0.9 percent, similar to June.
Takings at the till rose 0.7 percent year on year in August, following July’s 1.3 percent increase.
Within the retail trade sector, the majority of industries recorded year-on-year growth in sales in August.
However, food and beverage services sales fell by 1.6 percent year on year in August, extending July’s 1.9 percent decline.
Cosmetics, toiletries, and medical goods saw the strongest year-on-year growth, with sales going up by 11.2 percent, partly driven by higher sales of cosmetics and toiletries.
This was closely followed by the computer and telecommunications equipment industry, where sales grew by 10.7 percent, driven by higher mobile phone sales.
Other industries that recorded year-on-year increases include recreational goods, where sales rose 4.3 percent, and petrol service stations, where sales climbed 3.2 percent.
In contrast, motor vehicles, parts and accessories recorded a year-on-year decline in sales of 4.6 percent, while retailers of watches and jewellery saw a dip in sales of 2.5 percent in August.
What this adds
The slowdown in retail sales growth in Singapore is part of a broader trend observed in the US, where job growth also slowed in September.
The Indian Express reported that the chief ministers of Haryana and Chhattisgarh held a series of back-to-back meetings with Singapore investors on Monday, highlighting investment opportunities in mineral resources and their states’ planned shift from an agri-economy to technology-driven industries.
Background
The US economy added 29,000 jobs in September, a slower pace than expected.
What's confirmed
- Excluding motor vehicles, parts and accessories, retail sales grew 1.5 per cent, from June’s 4.1 per cent.
- On a seasonally adjusted, month-on-month basis, retail sales expanded 0.9 per cent, similar to June.
- Within the retail trade sector, the majority of industries recorded year-on-year growth in sales in August.
- The Singapore economy is running hot on the artificial intelligence boom, but consumer spending and the job market appear to be cooling, said Maybank economist Chua Hak Bin.
- The SingStat data also showed that food and beverage services sales fell by 1.6% year on year in August, extending July’s 1.9% decline.
- “While inflation is not accelerating, it has been rising and is likely to somewhat erode consumers’ purchasing power, which could prompt households to exercise greater prudence in their spending and, in turn, limit the pace of retail sales activity,” he added.
- Cosmetics, toiletries and medical goods saw the strongest year-on-year growth, with sales going up by 11.2%, partly driven by higher sales of cosmetics and toiletries.
- This was closely followed by the computer and telecommunications equipment industry, where sales grew by 10.7%, driven by higher mobile phone sales.
- Other industries that recorded year-on-year increases include recreational goods, where sales rose 4.3% and petrol service stations, where sales climbed 3.2%.
- In contrast, motor vehicles, parts and accessories recorded a year-on-year decline in sales of 4.6%, while retailers of watches and jewellery saw a dip in sales of 2.7% in August.
What's still developing
- “We have issued specific incentives and policies for these industries for which 100 MoUs have been signed,” said Saini.
- This is the first time two Indian chief ministers have jointly addressed Singapore investors, citing each state’s role in the robustly growing Indian economy, which, at last count, registered 7.8 per cent GDP growth.
- “We have rich mineral resources. Minerals such as iron ore, coal, limestone, and bauxite are available in large quantities. This creates a strong foundation for mineral-based as well as downstream industries,” Sai said.
- The chief ministers of Haryana and Chhattisgarh held a series of back-to-back meetings with Singapore investors on Monday, highlighting investment opportunities in mineral resources and their states’ planned shift from an agri-economy to technology-driven industries.
- On Monday, both chief ministers and their high-level delegations addressed the Singapore-India Network for Growth Forum 2026, attended by around 300 Singapore-based investors with a focus on Indian industrialisation programmes.
- The forum was organised by the Singapore Business Federation.
- He also highlighted strong trade relations between Chhattisgarh and Singapore, including the export of rice, spices, pharmaceuticals, speciality industrial materials, engineering products, electronic components and steel-related products.
- “We now wish to take this relationship beyond trade and transform it into a long-term partnership”.
- On Tuesday, the two chief ministers and their delegations will visit Singapore industrial sites, including the technical education centre, and are scheduled to separately hold round-tables with CEOs.
- PARIS — Pandora is bolstering its production capability as it eyes renewed growth.
- The Vietnam opening comes as the Danish jeweler is charting a path back to growth, raising its guidance in August following improved second-quarter results.
- Located in the Vietnam-Singapore Industrial Park III near Ho Chi Minh City, the country’s financial hub, the 7.5-hectare facility took two years to complete and represents a $150 million investment.