Singapore's June retail sales down 6.9% on-month

Singapore's retail sales fell 6.9 per cent in June from a month ago on a seasonally adjusted basis.

The decline is due mainly to a 33.8 per cent drop in sales of motor vehicles.

Compared to a year ago, retailers of motor vehicles also reported a 26.9 per cent decline in sales.

Analysts said sales of motor vehicles had plunged in June this year as car loan curbs on used cars kicked in.

Excluding motor vehicles receipts, retail sales went up by one per cent in June compared to May.

Sales registered from telecommunications apparatus and computers fell 8.6 per cent in June compared to May while sales of watches and jewellery fell 4.4 per cent.

Sales from department stores and food and beverage also saw marginal declines.

Selena Ling, head of treasury research & strategy at OCBC Bank, said this possibly reflects a mild impact from hazy conditions in late June, which could have deterred some discretionary spending.

On-year, retail sales declined four per cent in June.

Excluding motor vehicles, retail sales climbed 2.6 per cent. - Channel News Asia