Thanks to expansions in wholesale and retail trade segments.
This chart from the Ministry of Trade and Industry Singapore (MTI) shows the wholesale & retail trade sector grew by 1.5% in Q2, a surge from 0.1% growth in Q1.
This was a result of expansions in both the wholesale trade and retail trade segments.
Wholesale trade segment grew on the back of an expansion in trade volumes in Singapore.
Singapore’s non-oil domestic exports (NODX) grew 1.9% in volume terms, albeit this was slower than the 15% growth in Q1.
The increase in NODX was driven by increasing domestic exports of machinery & equipment.
Non-oil re-exports volume (NORX) also climbed up by 5.8%, due to robust growth in the re-exports of machinery and equipment as well as chemicals and chemical products.
Retail sales index growth for non-motor vehicles also grew by 3.2%.
However, retail sales shrunk for motor vehicles by 2.6%.
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