Wholesale trade of petroleum products surged 43.2%.
Singapore’s domestic wholesale trade jumped 16.9% YoY in Q4, data from the Department of Statistics (SingStat) revealed. The quarterly growth was mainly a result of sustained trade growth in by petroleum products which surged 43.2% YoY.
Other products such as chemicals (22%), transport equipment (21.4%), food, beverage, and tobacco (13.5%), ship chandlers and bunkering (8.5%), household equipment (8.3%), general wholesale trade (3.9%), and metals, timbre and construction materials (1.8%) also saw an increase in wholesale trade. Meanwhile, some sectors experienced contraction in wholesale trade such as electronic components (26.7%), telco and computers (10.9%), and industrial and construction machinery (9.9%).
Meanwhile, foreign wholesale trade grew 7.5% YoY, also on the back of the expansion in trade of petroleum products (25.9%). Other sectors such as general wholesale trade (3.6%), ship chandlers and bunkering (3.1%), and industrial and construction machinery (0.4%).
On the other hand, foreign wholesale trade in sectors such as telco & computers (8.1%), transport equipment (6.3%), food, beverages and tobacco (5.3%), metals, timber and construction materials (4.4%), household equipment (0.7%), and chemicals (0.2%) experienced a decrease in foreign wholesale trade.
Do you know more about this story? Contact us anonymously through this link.