, Singapore
Photo from Department of Statistics

Petroleum sales slump drives 1Q24 domestic wholesale trade decline

Sales of petroleum and petroleum products dropped 21.0% YoY.

Domestic wholesale trade fell 2.2% YoY and 1.7% QoQ in 1Q24 as petroleum sales dropped, the Department of Statistics reported.

In 1Q24, sales of petroleum and petroleum products dropped 21.0% YoY.

Excluding petroleum, wholesale sales would have increased by 13.5% YoY.

Other industries which posted year-on-year declines include Chemicals & Chemical Products (-10.0%), Household Equipment & Furniture (-13.2%), Transport Equipment  (-31.1%), Industrial & Construction Machinery  (-1.6%), and Other Wholesale Trade (-11.1%).

On the other hand, Food, Beverages & Tobacco (+5.3%), Telecommunications & Computers (+39.3%),  Ship Chandlers & Bunkering (+32.2%), Electronic Components (+10.9%), Metals, Timber & Construction Materials (+71.6%), and General Wholesale Trade (+9.5%) saw improved sales.

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