Singapore has recorded a 21.8% y-o-y decrease in domestic wholesale sales, and a 18.9% y-o-y decline in foreign wholesale sales in the second quarter of 2023, according to the Wholesale Trade Index report by the Department of Statistics Singapore.
Domestic wholesale sales declined 11.8% q-o-q, and on a y-o-y basis, most industries registered declines in the second quarter.
Domestic sales of the transport equipment industry dropped 39.0% due to lower sales of motor vehicles. Similarly, domestic sales of the petroleum & petroleum products and chemicals & chemical products industries declined 34.8% and 20.8% respectively, as a result of lower prices of crude oil and petrochemicals.
On the other hand, domestic sales of the industrial & construction machinery industry rose 24.8% due to higher sales of industrial and construction equipment.
Meanwhile, foreign wholesale sales declined 4.2% q-o-q, and on a y-o-y basis, most industries registered declines in the second quarter.
Foreign sales of the ship chandlers & bunkering industry decreased 36.6% due to lower prices of bunker fuel. Similarly, the general wholesale trade and household equipment & furniture industries contracted by 28.1% and 24.1% respectively, amidst lower demand for commodities and reduced sales of household electrical appliances.
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However, foreign sales of the industrial & construction machinery industry grew by 11.8% due to higher sales of construction equipment.
