Singapore’s domestic wholesale trade jumps 6.6% in first quarter of 2018 as petroleum sales strengthen

Singapore’s domestic wholesale trade growth in the first quarter of 2018 was mainly bolstered by strong sales of petroleum and petroleum products.
Reuters

Singapore’s domestic wholesale trade has grown by 6.6% in the first quarter of 2018, compared with the same period the year before, thanks to higher sales of petroleum and petroleum products, revealed the Department of Statistics (DOS) on Friday (May 18).

Taking seasonal adjustments into account, domestic wholesale trade had increased by 5.7% quarter-on-quarter.

However, excluding petroleum and petroleum products, domestic wholesale trade slumped by 6% between quarters. Compared to a year ago, it fell by 7.7%.

After removing the price effect, overall domestic wholesale trade rose at a lower 2% over the previous quarter whereas it registered a 3.2% increase year-on-year.

On a year-on-year basis, most industries recorded lower domestic sales in the first quarter of 2018.

Double-digit decreases were recorded in the metals, timber and construction materials (-22.1%), transport equipment (-14.3%), chemicals and chemical products (-12.3%), industrial and construction machinery (-10.6%), and other wholesale trade (-12.9%) industries.

Domestic sales of petroleum and petroleum products instead saw an expansion of 27% in the first quarter of this year, partially due to increases in price of petroleum products compared to the same period last year, said DOS.

The volume of domestic sales of petroleum and petroleum products saw a smaller increase of 16.8% after taking away the price effect.