Domestic wholesale trade sales down 3.5% in Q4

Petroleum sales and transport equipment sales logged double-digit decreases.

Domestic wholesale trade sales dropped 3.5% year-on-year in the fourth quarter of 2023, although it is still 4.4% higher compared to Q3, according to data from the Department of Statistics Singapore.

Petroleum products dragged down overall sales, plunging 25.7% during the quarter. Excluding petroleum, domestic wholesale sales jumped 16.2%.

Metals, timber, and construction reported the most increase, with sales skyrocketing 88.9% in Q4. General wholesale trade rose by 15.6%, whilst electronic components also saw a 35.8% jump compared to the same quarter in 2022.

Ship chandlers and bunkering; and chemicals & chemical products also reported double digit increases, at 22.2% and 29.9% year-on-year, respectively.

In contrast, domestic wholesale trade in transport equipment plummeted 31% over the same period. Household equipment & furniture; and industrial & construction machinery also contracted during the period, falling by 7.6% and 4.2%, respectively.

Food, beverages, & tobacco saw a 5.3% rise; whilst telecommunications & computers rose by 0.9%.

Meanwhile, Singapore’s foreign wholesale sales decreased 4.7% on a year-on-year basis in the fourth quarter of 2023. Excluding petroleum, foreign wholesale sales fell 3.4%.

Compared to the previous quarter, foreign wholesale sales decreased 0.8% in Q4.  Excluding petroleum, foreign wholesale sales rose 0.4% from Q3 2023 levels.