Singapore's retail sales decreased more than economists expected in March, with most of the major divisions recording negative growth, latest data showed Wednesday.
Retail sales, at current prices, decreased a seasonally adjusted 5.4 percent month-on-month in March, reversing the previous month's 3.4 percent increase, which was revised down from 3.6 percent, Statistics Singapore said. Economists were looking for a more modest contraction by 2.4 percent.
Contributing significantly to overall slump, sales of telecommunications apparatus and computers plunged 15.8 percent month-on-month, and sales of medical goods and toiletries dropped by 11.5 percent.
Similarly, trade in motor vehicles; watches and jewelery; wearing apparel and footwear; department stores; furniture and household equipment; supermarkets; petrol service stations and food and beverages recorded decreases compared to February.
Retail sales, excluding automobiles, dropped 4.5 percent sequentially during the month, the agency said.
Compared to March 2012, trade in the retail sector fell 7.4 percent, after falling 2.7 percent in February. The rate of fall was notably faster than 2.5 percent forecast by economists.
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