,Singapore

Domestic wholesale trade soars 38.4% YoY in Q3

The increase was partly due to higher oil prices.

The domestic wholesale trade for the third quarter (Q3) soared by 38.4% year-on-year (YoY), and 1.8% quarter-on-quarter.

The government said the high YoY growth was partly due to higher oil prices and lower base in Q3 2020 “when the domestic market saw a moderated recovery following the exit from the 2020 Circuit Breaker.”

Across industries, petroleum and petroleum products recorded the biggest growth for the quarter, recording a ​​64% YoY increase; followed by ship chandlers and bunkering which grew 48.6% YoY.

The increase in both industries was attributed to “a steep increase in oil prices.”

Except for household equipment and furniture which fell  8.5% YoY, all other sectors also recorded double-digit growth for the quarter.

Specifically, domestic trade rose for food, beverages, and tobacco by 1.6% YoY; chemicals and chemical products by 38.2% YoY; electronic components by 7.5% YoY; industrial and construction machinery by 13% YoY; telecommunications and computers by 17.9% YoY; metals, timber, and construction by 43.7% YoY; general wholesale trade by 46% YoY; transport equipment by 11.7% YoY; and other wholesale trade by 22.9% YoY.

The wholesale trade industry also recorded higher foreign sales in Q3 2021, growing by 43.9% compared to the same period last year.

Petroleum and petroleum products, and ship chandlers and bunkering industries likewise led the foreign sales in Q3, increasing by 64.0% and 48.6%, respectively.

Improvements were also seen in the general wholesale trade (46.0%), and metals, timber, and construction industries (43.7%).

Meanwhile, household equipment and furniture also declined by 8.5% in terms of foreign sales.

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