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Singapore's Q2 wholesale trade jumps 18.5%

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After four months of solid expansion, Singapore's exports stunned economists with a 1.1 per cent contraction in September, led by erstwhile star performer electronics.

SINGAPORE'S total domestic wholesale trade jumped 18.5 per cent year on year in the second quarter of 2017, based on data released by the Department of Statistics on Friday.

With petroleum stripped out, domestic wholesale trade rose 4.8 per cent compared to a year ago. After adjusting for price changes, overall domestic wholesale trade registered a year-on-year increase of 7.3 per cent.

On a quarter-on-quarter basis, domestic wholesale trade rose a seasonally-adjusted 1.3 per cent. Excluding petroleum, domestic wholesale trade fell 3.5 per cent.

Higher prices of petroleum and chemical products compared to the second quarter of 2016 led to growth in ship chandlers and bunkering (43.9 per cent), petroleum and petroleum products (37.2 per cent), general wholesale trade (25.5 per cent) and electronic components (10.7 per cent).

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After removing the price effect, ship chandlers and bunkering, as well as petroleum and petroleum products, registered smaller increases of 14.1 per cent and 11.6 per cent respectively. Domestic sales of the chemicals and chemical products industry, however, declined 10.3 per cent.

Lodging contraction include the metals, timber and construction materials industry with a drop of 7.3 per cent, while telecommunications and computers declined 2.1 per cent.

Meanwhile, total foreign wholesale trade rose 12.2 per cent in Q2 compared to a year ago. Excluding petroleum, foreign wholesale trade increased 11.8 per cent. All industries, except transport equipment, registered positive growth, with seven industries seeing double-digit expansion.

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