Singapore’s retail sales make new record drop in May
Singapore’s total retail sales decreased by 52.1 percent in May – the highest decrease since 1986, the country’s Department of Statistics released on July 3.
A shopping mall in Singapore (Source: straitstimes.com)
Singapore (VNA) – Singapore’s total retail sales decreased by 52.1percent in May – the highest decrease since 1986, the country’s Department of Statisticsreleased on July 3.
The drop in May, which beat April’s previous record of 40.3percent, marked the 16th consecutive month Singapore’s retail sales haveexperienced decreases.
Like in April, only two categories of retail sales sawgrowth in May. With essential services remaining open, sales at supermarketsand hypermarkets rose 56.1 percent, while those of minimarts and conveniencestores rose 9.1 percent.
Sellers of discretionary items were again hit hardest by the forced closure,with sales of watches and jewellery plunging 96.9 percent. Department storesales sank 93.4 percent while shops selling clothes and footwear saw takingsdrop 89.1 percent.
May, however, is likely to be the worst month forretailers, with sales set to begin recovering as Singapore's partial lockdownbegan gradually lifting on June 2./.
The Ministry of Manpower (MOM) of Singapore has issued a new regulation requiring employment agencies in the country to meet new licence conditions to strengthen fair hiring practices.
Singaporean Prime Minister Lee Hsien Loong has called for greater economic integration and cooperation and unity among ASEAN member nations to prevent the COVID-19 pandemic from permanently damaging their economies.
Singapore and Malaysia have agreed to reopen cross-border travel for essential business and official purposes, the Singaporean Ministry of Foreign Affairs announced on June 27.
The Indonesian government has asked Singapore to soon re-open its borders, particularly those that connect the city state to the tourist areas of Bintan and Batam in Riau Islands, which have been closed for months due to the COVID-19 pandemic.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
A shopping mall in Singapore (Source: straitstimes.com) 
