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Singapore Retail Sales Decline Slows In June

Singapore retail sales in June declined sharply from the same month last year, albeit at a slower pace, and grew from the previous month, data from the Department of Statistics showed on Wednesday.

Retail sales declined 27.8 percent year-on-year in June, following a 52.0 percent fall in May.

Motor vehicle sales declined 47.8 percent annually in June, after a 85.7 percent fall in the previous month.

Excluding motor vehicles, retail sales fell 24.2 percent in June, following a 45.1 percent decrease in the preceding month.

Sales of department stores declined the most, by 69.5 percent yearly in June and those of wearing apparels and footwear decreased 63.4 percent.

Sales of watches and jewelry declined 53.5 percent and motor vehicles fell 47.8 percent. On a monthly basis, retail sales grew a seasonally adjusted 51.1 percent in June, after a 21.4 percent decline in the prior month.

This was mainly attributed to the low base in May, when physical stores remained closed for the entire month during the Covid-19 outbreak period.

The material has been provided by InstaForex Company - www.instaforex.com
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