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Singapore’s wholesale trade down 6.1% on-year in Q2

Domestic wholesale trade, a barometer of consumer confidence, was dragged down by weak sales of metals, timber and construction materials in the second quarter.

SINGAPORE: The Republic's domestic wholesale trade declined 6.1 per cent from a year ago in the second quarter, dragged down by weak sales of metals, timber and construction materials, the Department of Statistics said on Wednesday (Aug 20).

Excluding petroleum, domestic sales fell 2.4 per cent from a year ago. After adjusting for price changes, overall domestic wholesale trade registered a year-on-year decline of 7.2 per cent.

The biggest dip was seen in the metals, timber and construction materials, which saw domestic sales falling by 14.9 per cent from a year ago. This was followed by sales of petroleum and petroleum products, which fell 9.5 per cent.

In contrast, domestic sales of transport equipment and general whole sale trade industries rose 13.9 per cent and 13.4 per cent, respectively. The industrial and construction machinery, food, beverages and tobacco, and chemicals and chemical products industries also reported year-on-year increases in domestic sales of 9.1 per cent, 3.1 per cent and 2.3 per cent, respectively.

FOREIGN WHOLESALE TRADE IMPROVES

Foreign wholesale trade, on the other hand, rose 3.1 per cent in the second quarter compared with the same period last year.

Excluding petroleum, foreign sales rose 3.7 per cent. After adjusting for price changes, overall foreign wholesale trade grew by 1.6 per cent year-on-year.

Foreign sales of the general wholesale trade and the metals, timber and construction materials industries registered substantial growth of 17.3 per cent and 11 per cent, respectively.

In comparison, the industrial and construction machinery saw the biggest decline in foreign sales with a drop of 7.9 per cent from a year ago. Household equipment and furniture also saw foreign sales declining by 5.8 per cent, while the chemicals and chemical products industry saw a decline of 5.5 per cent.