Singapore Q2 domestic wholesale trade contracts 20.5%

SINGAPORE'S domestic wholesale trade contracted 20.5 per cent year on year in the second quarter of 2016, said the Department of Statistics (DOS) on Friday.

Excluding petroleum, however, the drop was less severe with a 15.5 per cent decline.

"The decline in nominal domestic wholesale trade value was due partly to lower prices of petroleum and chemical products compared to second quarter 2015. After adjusting for price changes, overall domestic wholesale trade registered a smaller year-on-year decrease of 0.1 per cent," said DOS.

The decline in Q2's wholesale trade was broad-based, with eight out of 11 industries posting double-digit drops.

The worst-performing industries were ship chandlers & bunkering, general wholesale trade, and petroleum & petroleum products, which declined 39.3 per cent, 30 per cent, and 26.4 per cent respectively.

Still, transport equipment posted growth of 11.9 per cent, while food, beverages & tobacco, as well as household equipment and furniture, rose more modestly by one per cent and 0.6 per cent respectively.