Petroleum drags domestic wholesale trade to -4.7% in Q1 | Singapore Business Review
, Singapore

Petroleum drags domestic wholesale trade to -4.7% in Q1

Excluding petroleum sales, domestic wholesale would have registered a 6.1% increase.

Domestic wholesale trade contracted by 4.7% in the first quarter of 2021, according to latest government data.

This was due to lower sales of petroleum, which fell by 15% and dragged down the increases from other industries. Excluding petroleum, domestic wholesale sales registered an increase of 6.1%

Chemicals and chemical products showed the highest improvement amongst industries, growing by 18.3% due to an increased demand in petrochemical products. This was followed by the metals, timber and construction industry, which grew by 10.7% on the back of higher prices of metal ores.

Lower demand for construction machinery due to reduced domestic construction activities caused a decline of 15.0% in the industiral and construction machinery industry.

On the other hand, foreign wholesale sales grew by 11.3% in the first quarter, or by 17.3% excluding petroleum.

Most wholesale trade industries recorded higher foreign sales, particularly the telecommunications and computers industry and the electronic components industry, growing by 51.2% and 43.3% respectively.

Meanwhile, the food, beverage and tobacco, and the ship chandlers and bunkering industries contracted by 21.4% and 17.3% respectively, due to lower sales of grains and edible oils, and a decreased demand in bunker fuel.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
There were about 2,600 newly launched units in January 2021. 
The company again deferred the listing due to uncertain market conditions.
Initial estimates showed its operational profit grew 15.5% in the first quarter.
This will allow more businesses to have an alternative avenue to fund meritorious claims.
The government agency is assessing whether the joint venture infringes on competition laws.
HongkongLand saw the sharpest decline during Monday's trading, with a 2.98% drop.
Clients can buy and sell securities in 10 markets worth up to US$10m daily.
The new partner VCs are bringing in $30m of potential funding in the programme.
He will lead the bank’s use of technology, data, and design to develop financial solutions.
Group activities for five persons will now be allowed.
Pubs, bars and nightclubs may only resume F&B operations.
The properties are located in France and Vietnam.
This reflects a 318% decrease from its $438m profit in 2021/20.
City Developments Ltd saw the sharpest decline during Friday's trading, with a 1.61% drop.