Published:
Domestic wholesale trade tumbles 22.6% in Q1
Blame weak petroleum prices.
Singapore's domestic wholesale trade slumped by 22.6% year-on-year in the first quarter, on back of a 38.2% drop in petroleum sales.=
Excluding petroleaum, domestic wholesale trade dropped by 11.4%. The decline in trade value was due partly to lower prices of petroleum and chemical products, the Department of Statistics said.
On a quarter-on-quarter basis, domestic wholesale trade dropped by 17.2%. Excluding petroleum, the contraction was at a smaller extent of 7.2%.
Meanwhile, foreign wholeale trade dropped 13% quarter-on-quarter and 17.4% year-on-year.
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