Singapore’s domestic wholesale trade declined sharply in the first quarter, the Department of Statistics showed Wednesday.
At current prices, domestic wholesale trade logged a double-digit decline of 16.4 percent sequentially in the first quarter after falling 10 percent a quarter ago. Excluding petroleum, wholesale trade slid 5.2 percent.
The decline was largely caused by lower prices of petroleum and chemical products.
On a yearly basis, domestic wholesale trade plunged 25.8 percent, bigger than the 13.3 percent fall seen in the fourth quarter.
At the same time, foreign wholesale trade declined 11.9 percent quarter-on-quarter taking the annual fall to 18.8 percent.
At constant prices, domestic wholesale trade dropped 0.4 percent from the prior quarter but increased 5.4 percent from last year.
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