Q1 retail sales volume dragged down by sluggish motor vehicle purchases

It’s a glaring blip on a good quarter.

A dearth in motor vehicle sales caused the country’s retail sales volume to contract by 3% in the first quarter, data from the Ministry of Trade and Industry revealed today.

The 3% slip extended the 6.3% decline from the previous quarter.

Excluding motor vehicle sales, retail sales volume inched up by 0.8%, an increase from 4Q2013’s 0.3% growth.

This incline is supported in part by the sales of discretionary items like watches &
jewellery.

According to the MTI’s Economic Survey of Singapore for 1Q14, “The wholesale & retail trade sector grew by 5.4 per cent in the first quarter, marking the fifth consecutive quarter of expansion, supported by improvements in Singapore’s trade flows.”