Retail Sales in Singapore Register Sharpest Drop on Record During April - Forex News by FX Leaders
Retail Sales in Singapore Register Sharpest Drop on Record During April

Retail Sales in Singapore Register Sharpest Drop on Record During April

Posted Friday, June 5, 2020 by
Arslan Butt • 1 min read

Retail sales across Singapore experienced the sharpest decline during April on account of the coronavirus pandemic driven lockdown. According to data released by the Department of Statistics, retail sales fell by 40.5% YoY in April – the most severe drop ever recorded at least since 1986, after falling by 13.3% during the previous month.

Retail sales across the food and beverages sector declined by 53% YoY in April, as most F&B outlets were forced to shut down or limit to takeaways instead of offering in-store giving 2 services. Excluding the sale of motor vehicles, the fall in retail sales works out to 32.8% YoY for the month of April.

On a positive note, amid the lockdown, supermarkets and hypermarkets registered an increase in sales by 74.6%. Smaller grocery retail outlets like mini-marts and convenience stores saw sales climb 10.7% higher during this period.

Singapore is gradually emerging out of the lockdown and reopening sectors of its economy, which were shut down during early April as the number of coronavirus cases increased.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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