August retail sales down 5.4%
Retail sales volume in Bermuda fell by 5.4 per cent year-over-year in August, according to figures released today by the Ministry of Economy and Labour.
That figure was determined after adjusting for the retail sales rate of inflation, which was measured at 2.7 per cent in August.
In value terms, retail sales fell to an estimated $97.7 million, which represented a 2.9 per cent drop in sales value year-over-year.
Only one of the seven sectors recorded a year-over-year volume index increase in August, with the sales volume for building material stores increasing 5.4 per cent, while its sales value increased 6.4 per cent.
Food stores sales volume decreased 3.7 per cent, while its sale value decreased 0.4 per cent.
Liquor stores sales volume fell 3.7 per cent, while its sales value decreased 3.1 per cent.
The sales volume for motor vehicle stores decreased 3.1 per cent, while sales value fell 1.4 per cent.
Service stations sales volume decreased by 1.5 per cent, while sales value fell 2.7 per cent.
The sales volume at apparel stores decreased 14.3 per cent, while sales value fell 10 per cent.
Sales volume in the all-other-store-types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods) decreased 9.1 per cent, while sales value fell 7.3 per cent.
Selected overseas declarations increased 3.5 per cent compared with August 2023.
Imports via courier increased $0.7 million to $12.5 million. This increase was attributed to the higher importations of printed books, newspapers, pictures, articles of apparel and clothing, and pharmaceutical products.
Imports by households via sea decreased $0.3 million to $7.1 million.
Declarations at the airport by returning residents increased $0.4 million to $6.5 million.
Imports via the Bermuda Post Office increased $0.1 million to $0.5 million.
Excluding Sundays, there were 25 shopping days, the same as in August 2023.
The August 2024 Retail Sales Index report can be viewed at www.gov.bm/retail-sales-index-rsi.
• For more on the August 2024 Retail Sales Index, see Related Media
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