ECONOMY | Staff Reporter, Singapore

Petroleum sales dominate domestic wholesale trade growth

Sales volume hit 23%.

The sales of petroleum products led the growth of wholesale trade as they increased by 23% YoY in Q3.

According to the Singapore Department of Statistics (SingStat), sales of ship chandlers & bunkering and chemicals & chemical products also expanded by 20.9% and 0.2% YoY. SingStat said this was due primarily thanks to increases in the prices of petroleum and chemical products.

After removing the price effect, sales volume of petroleum products saw a smaller increase of 3%, whilst chemical products and ship chandlers & bunkers contracted by 11.5% YoY and 0.7% YoY respectively.

Growths in domestic sales were also observed in general wholesale trade, which rew 13.8% YoY, electronic components, which grew 3.2% YoY, and transport equipment, which grew 2.6% YoY.

Metals, timber & construction materials and industrial & construction machinery also saw growth of 2.3% and 2% YoY, respectively.

Growth in the telecommunications & computers industry remained flat YoY.

Only the household equipment & furniture and food, beverages & tobacco industries saw sales declines of 29.8% and 5.2% YoY, respectively.

Singapore's overall domestic wholesale trade grew by 11.3% YoY.

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