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Domestic wholesale trade plummets 19% on back of weak oil prices
Ship dealers took a big hit.
Singapore’s domestic wholesale trade plummeted sharply in the second quarter, dragged by continued weakness in energy prices.
Data from the Department of Statistics showed that domestic wholesale slipped 18.8% on a year-on-year basis, on back of a sharp contraction in trade involving ship chandlers and bunkering annd petroleum and petroleum products.
Excluding petroleum, domestic wholesale trade declined 11.6% compared to second quarter 2014.
Compared to the same period a year ago, foreign wholesale trade declined 14.6%, due to lower prices of petroleum and chemical products.
Excluding petroleum, foreign wholesale trade fell 5.1%.
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