ECONOMY, RETAIL | Staff Reporter, Singapore

Singapore's domestic wholesale trade jumped 10.3% in Q2

The domestic retail trade of petroleum products inched up 23.3%.

Singapore’s domestic wholesale trade grew 10.3% YoY in Q2 2018 backed by higher sales of petroleum and petroleum products which saw a 23.3% rise, an announcement revealed. Excluding petroleum, domestic wholesale trade fell 0.4%.

Telecommunications and computers followed the gains by petroleum with an 11.8% growth. Household equipment and furniture (6%), ship chandlers and bunkering (4%), food, beverages, and tobacco (3.9%), and chemicals and chemical products (3.5%) also saw trade improvements.

Meanwhile, metals, timber and construction materials trade fell 19.4% whilst industrial and construction machinery (3.3%), transport equipment (2.8%), general wholesale trade (1.8%), and electronic components (0.6%) also saw slips in their domestic wholesale trend.

On a quarterly basis, the domestic wholesale trade rose 2.4% from Q1 2018. Excluding petroleum, the growth is recorded at 5.4%.

Upon price adjustments, overall domestic wholesale trade fell 5.4% YoY, with a 2.8% decline from the Q1.

Meanwhile, foreign wholesale trade jumped 16.3% YoY thanks to the growth in sales of petroleum and petroleum products which ballooned 46.8%. Excluding petroleum, foreign wholesale trade dipped 3.1%.

Aside from petroleum products, chemicals and chemical products (17.8%), industrial and construction machinery (12.3%), telecommunications and computers (7.6%), electronic components (4.8%), food, beverages and tobacco (2.4%), and household equipment and furniture (2.5%) also saw an increase in terms of foreign wholesale trade.

On a quarterly basis, foreign wholesale trade increased 1.6% compared to Q1 2018. Excluding petroleum, foreign wholesale trade grew by 0.4%.

After removing the price effect, there was a smaller increase of 2.1% YoY in overall foreign wholesale trade and a 1% QoQ decrease.

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