Retail sales fell 3.2% in November – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Retail sales fell 3.2% in November

Retail sales fell 3.2 per cent by volume in November, making it the nineteenth month out of the past 21 when sales volume in Bermuda have fallen year-over-year.

Motor vehicle, apparel and building material stores suffered double-digit declines.

Across the seven sectors measured, only food stores eked out an improved volume of sales, increasing 0.6 per cent.

However, there was an increase in selected overseas declarations, which were up 9.3 per cent compared to the same month in 2018.

The November figures were released only six days after the September and October numbers were published by the Bermuda Government. Those two months showed declines of 4.4 per cent and 3.6 per cent, respectively.

The latest figures were adjusted for the retail sales rate of inflation, which in November was 1.1 per cent.

In value terms, total sales were $92.2 million, almost $2 million lower than a year ago.

As a result of fewer vehicle sales, motor vehicle sellers saw sales volume drop 18.6 per cent, while apparel stores' volume of sales were down 16.2 per cent.

Building material stores had a 10.7 per cent decrease in sales volume year-over-year. Declines were also reported for liquor stores (down 3.4 per cent), service stations (down 4.4 per cent) and all other store types (down 0.3 per cent).

In the selected overseas declarations section of the Retail Sales Index, imports via courier increased $1.6 million to $12.9 million due to higher imports of orthopaedic devices and watches.

While imports by households via sea increased $400,000 to $1.9 million due mostly to purchases of clothing and machinery. However, declarations by returning residents via the airport decreased $200,000 to $5.8 million. Imports via the post office remained unchanged at $500,000.

The Retail Sales Index was compiled by the Department of Statistics.

Click on Related Media to read the Retail Sales Index publication

Sales depressed: retail sales volume was down in November, making it the nineteenth month of year-over-year declines out of the past 21 months (Graph by Scott Neil)

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Published February 21, 2020 at 8:00 am (Updated February 21, 2020 at 9:10 am)

Retail sales fell 3.2% in November

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