Singapore, 12 Feb 2018 – Rising car sales with brisk trade in mobile devices boosted the retail sector end 2017. In account, total retail takings grew 4.6% in December compared to December 2016.
The rise was attributed by both motor vehicle and computer and telecommunications equipment that rose 26% year on year and 15.2% respectively. Other than motor vehicles, retail sales climbed 0.6% year on year on record.
Sales of watches and jewellery declined 8.2% in December of a year’s account, while minimarts and convenience stores dropped 2.7%.
Sectors like food and beverage services rose 3.1% year on year in December, with sales rising at restaurants, fast food outlets and other eating places such as cafes.
Onwards, SGX’s Malaysian link to help retail sector as the link can enable a “more efficient” transaction experience at lower costs and a more diversified stock universe. According to the Monetary Authority of Singapore (MAS) and the Securities Commission Malaysia (SC), both parties will link the stock market trading between the two exchanges by end of this year.