Singapore Q1 domestic wholesale trade dips 2.8% on year

Singapore's domestic wholesale trade dipped 2.8 percent in the first quarter (Q1), the Department of Statistics Singapore said on Monday. Excluding petroleum, domestic wholesale trade rose by 2.5 percent compared to last Q1. Telecommunications and computers sector registered a double- digit annual decline in domestic sales of 13.4 percent in Q1. Meanwhile, other sectors that experienced lower domestic sales included petroleum and petroleum products, ship chandlers and bunkering, household equipment and furniture, and metals, timber and construction materials, registering at 7.6 percent, 5.8 percent, 4.0 percent and 1.8 percent respectively. On contrast, the general wholesale trade sector reported the largest growth of 35.1 percent in domestic sales in Q1, "primarily due to an increase in demand in the domestic market." Similarly, the chemicals and chemical products sector also recorded a double-digit increase of 13.1 percent in domestic sales. On a quarter-on-quarter basis, the seasonally adjusted domestic wholesale trade decreased 0.6 percent in Q1 compared with that in last Q4. Foreign wholesale trade decreased by 1.1 percent on year. Petroleum excluded, it still dipped by 0.8 percent on year.