Singapore's domestic wholesale trade shrinks 18.8% in Q2

Wholesale trade is one of the largest sectors in Singapore's economy, providing a significant number of jobs.
Wholesale trade is one of the largest sectors in Singapore's economy, providing a significant number of jobs.PHOTO: REUTERS

SINGAPORE - Domestic wholesale trade fell 18.8 per cent in the second quarter, over the same period a year ago, weighed down by lower prices of petroleum and chemical products.

Stripping out petroleum, domestic wholesale trade declined 11.6 per cent, according to data released by the Department of Statistics on Thursday (Aug 20).

But after adjusting for price changes, overall domestic wholesale trade rose 7.6 per cent.

Wholesale trade is one of the largest sectors in Singapore's economy, providing a significant number of jobs.

On a quarter-on-quarter basis, domestic wholesale trade grew 7.1 per cent in the second quarter.

Excluding petroleum, domestic wholesale trade rose 1.2 per cent, and after removing the price effect, it grew by 1.7 per cent over the previous quarter.

Foreign wholesale trade fell 14.6 per cent, also due to lower prices of petroleum and chemical products.