SINGAPORE, April 12 (Xinhua) -- Singapore's retail sales went up 8.6 percent year on year in February, comparing to a re-calculated 7.8 percent decline in January, due partially to the Chinese New Year festive season, the Department of Statistics of Singapore announced on Thursday.
The retail sales decreased 1.7 percent month on month on a seasonally adjusted basis in February, comparing to a 4.9 percent month-on-month decrease in the previous month.
The authority attributed February's month-on-month decrease partially to lower motor vehicle sales. Excluding motor vehicles, retail sales rose 1 percent month on month, it said.
Singapore's total retail sales value in February was estimated at 3.7 billion Singapore dollars (about 2.82 billion U.S. dollars). The estimated proportion of online retail sales to total retail sales is around 3.9 percent.
Meanwhile, the sales of food and beverage services increased 8.2 percent month on month and 4.9 percent year on year in February. The sales value was estimated at 728 million Singapore dollars (553.52 million U.S. dollars).
Selena Ling, Head of Treasury Research and Strategy of OCBC Bank, said thanks to the Chinese New Year festive season and households being more willing to loosen the purse strings, some sales segments, including the food retailers, the wearing apparel and footwear sales, the department stores, and the supermarkets and hypermarkets, did relatively better in February. Their retail sales rose 61.2 percent, 42.4 percent, 25.4 percent and 24.8 percent year on year, respectively. However, she said it still bears watching if retail sales continue to slip month on month as the festive season is over.
In the medium term, the estimated proportion of online retail sales to total retail sales in Singapore may rise from the current around 3.9 percent, she added.
