The Singapore Department of Statistics, Singstat, released a new report which shows the retail industry has started the second quarter of 2017 on a positive note, as sales in this sector rose by 2.6% in April. The report compares sales registered by Singapore retail sector this year with the values reported last year during the same period of time. Our company formation experts in Singapore can assist investors interested in starting a retail shop in the city-state.
According to Singstat, retails sales grew by 2.6% on a year-to-year basis, however the numbers registered for the whole month of April accounted for a total increase of 5%. Singstat also excluded sales in the automotive industry, motor vehicles to be more precise, as these have registered a slight decrease. When adjusting the month-to-month seasonally basis, the Singapore retail segment grew by 1.6%. Excluding the automobile sales, it grew by 4.4%.
In numbers, the value of the goods sold in April was around 3.5 billion SGD. During the same period of last year, sales numbers registered 3.4 billion SGD. The sale of food and beverage also fell a few percent, cashing in 663 million SGD in April 2017, from the 683 million SGD last year. However, Singstat pointed out that the sales figures do not include the goods and services tax and the certificates of entitlement (COE).
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The luxury goods sales registered the highest increase during the month of April, with jewelry and watch shops reporting a 14.3% growth compared to same period of 2016. Petrol stations also announced a 13% increase in sales numbers, which is the second-biggest growth of the second quarter of 2017.
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