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Car sales surged 64% in Q2 on back of massive vehicle deregistration wave
It's the only bright spot in the lacklustre retail scene.
Car sales surged by a staggering 64% year-on-year in the second quarter, on back of a massive wave of vehicle de-registrations.
Motor vehicle sales were the only bright spot in the otherwise lacklustre retail trade figures, according to the Ministry of Trade and Industry.
Excluding motor vehicles, retail sales volume contracted by 0.8% as discretionary sales fell on the back of continued weakness in tourist arrivals.
For instance, the sales of optical goods & books, recreational goods and wearing apparel & footwear shrank by 7.7 per cent, 7.5 per cent and 2.4 per cent respectively.
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