Domestic wholesale sales dipped 9.6% in Q1
Most of the wholesale industries recorded lower domestic sales during the quarter.
Singapore’s domestic wholesale sale volumes fell 9.6% YoY in Q1 compared to 2019, according to data from the Department of Statistics. Excluding petroleum, domestic sales slipped 8.8% over the same period.
On a QoQ basis, domestic wholesale sales dipped 1.4% in Q1.
The decline was mainly attributed to dampened demand as a result of the COVID-19 outbreak. Most of the wholesale industries recorded lower domestic sales during the quarter.
Amongst them, the electronic components, household equipment and furniture, metals, timber and construction materials and industrial and construction machinery industries saw double-digit declines between 15.2% and 17.5%, due mainly to supply chain disruptions and lower demand.
In contrast, the food, beverages and tobacco industry reported a 3.5% growth in domestic sales due to higher demand for food supplies.
As for foreign wholesale sales, declines were registered in all industries in Q1.
In particular, petroleum and petroleum products, chemicals and chemical products and ship handlers and bunkering industries contracted by 18.6%, 10.9% and 0.6%, respectively, affected by lower demand and depressed prices of crude oil, petrochemicals and related products globally.
Similarly, the transport equipment and industrial and construction machinery industries crashed 22.2% and 18%, respectively.