Singapore's domestic wholesale sales increased in the first quarter after falling in the previous quarter, helped by a notable increase in sales of petroleum products, data released by Statistics Singapore showed Monday.
Domestic wholesale trade, at constant prices, increased a seasonally adjusted 2.3 percent quarter-over-quarter in the first quarter, recovering from the fourth quarter's revised 4.7 percent decrease.
The overall growth in sales was driven mainly by a 6.6 percent annual gain in sales of petroleum and petroleum products. Wholesale sales of food, beverages and tobacco rose 8.1 percent sequentially, while sales of household equipment and furniture climbed 8.8 percent. There was a 3.8 percent increase in wholesale sales of electronic components during the quarter.
On an annual basis, wholesale sales decreased at a slower rate of 3.9 percent in the first quarter than the previous quarter's rate of 5.3 percent.
by RTT Staff Writer
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