ECONOMY | Staff Reporter, Singapore

Domestic wholesale trade plummets 27.2% in Q4 2020

Domestic wholesale trade was pulled down by lower petroleum sales.

Singapore's domestic wholesale sales shrank by 27.2% YoY for the fourth quarter of 2020. Excluding petroleum sales, it fell by 8.9% as the COVID-19 pandemic diminished demand.

Petroleum and petroleum products saw the largest decline in 2020, followed by ship chandlers and bunkerying industries at 32.2%. The Singapore Department of Statistics attributed this to weak domestic demand and lower oil prices.

Pulled down by lower sales of audio and video equipment, the household equipment and furniture industry contracted by 31.9% in the fourth quarter.

On the other hand, the chemicals and chemical products industry and the general wholesale trade industry grew by 3.0% and 10.6%, respectively.

Foreign wholesale trade fell by 14.4% in the fourth quarter compared to the same period last year, dragged down by lower petroleum sales. Excluding petroleum, foreign trade grew by 4.7%.

The ship chandlers and bunkering industry sank by 41.6%, the petroleum and petroleum products declined by 36%, and the chemical and chemical products industries dipped by 7.2% due to lower external demand and lower global prices.

Meanwhile, new mobile phone launches and higher demand for semiconductor components helped the electronic compoments industry and the telecommunications and computers industries reach double-digit growths, at 33.5% and 30%, respectively.

Comparing fourth quarter data to the previous three months, there were recoveries of 6.3% and 3.6% for domestic and foreign wholesale trades, respectively.

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