Retail Sales Index – January 2023

March 14, 2023

Retail sales fell 0.8% in January 2023 on a year-on-year basis, reversing the 7.7% increase in December 2022. The decline was attributed mainly to lower motor vehicle sales -23.5% that corresponded with the lower Certificate of Entitlement (COE) quota.  Excluding motor vehicles, retail sales rose 2.1%, following the 9.8% increase in December 2022. On a seasonally adjusted basis, retail sales fell 9.4% in January 2023 over the previous month. Excluding motor vehicles, seasonally adjusted retail sales declined 8.2% compared to December 2022.

The estimated total retail sales value in January 2023 was $4.2 billion. Of this, online retail sales made up an estimated 11.5%, lower than the 13.0% recorded in December ZO22. excluding motor vehicles, the total retail sales value was about $3.8 billion. of which 12.6% came from online retail sales. Online retail sales of Computer & Telecommunications Equipment. Furniture & Household Equipment and Supermarkets & Hypermarkets industries made to 45.5%. 29.6% and 11.3% of the total sales of their respective industry. Click here to find out more.