Singapore retail sales unexpectedly fall in august, remains weakest in 6 months

Retail sales in Singapore unexpectedly fell during the month of August, posing weakest trend in almost six months, as sales declined across a wide range of categories including computer and telecommunications equipment as well as recreational goods.

Retail sales fell 1.0 percent year-over-year in August, reversing a 2.7 percent climb in the previous month, which was revised from a 2.8 percent gain reported earlier, data released by the Department of Statistics showed Friday.

It was the first decline in five months. Meanwhile, economists had expected a 0.8 percent increase for the month. Excluding motor vehicles, retail sales dipped 6.5 percent annually in August, while motor vehicle sales alone surged by 30.4 percent.

Further, sales of food and beverages dropped 8.7 percent on year and sales at supermarkets went down by 4.7 percent. On a monthly basis, retail sales slid 1.1 percent from July, when it rose by 1.4 percent. It was forecast to rise by 1.9 percent.