- Singapore wholesale trade shows strong growth in Q2 2024.
- Domestic wholesale sales rose 11.3% year-on-year.
- Foreign wholesale sales increased by 8.6% year-on-year.
Singapore wholesale trade sector saw a big jump in sales for the second quarter of 2024, with both local and overseas sales going up.
Key Terms Simplified
- Wholesale Trade Index (WTI) is a way to measure how well companies that sell large amounts of goods are doing.
- Domestic wholesale sales are sales of goods in large amounts within Singapore.
- Foreign wholesale sales are sales of goods in large amounts to other countries.
Singapore Wholesale Trade Sector Booms in Q2 2024
According to SingStat, Singapore wholesale trade sector showed strong growth in the second quarter of 2024.
Both domestic and foreign sales went up, showing a healthy trade environment in Singapore.
The Wholesale Trade Index (WTI) is used to measure how well the wholesale trade industry is doing.
This industry is very important for Singapore as it is the largest services sector in the country.
Domestic Wholesale Sales See Big Increase
Domestic wholesale sales in Singapore rose by 11.3% compared to the same time last year.
This means more goods were sold within Singapore in large amounts.
When we don’t count petroleum sales, the increase was even bigger at 15.4%.
This shows that other types of goods were selling very well.
| Type of Sales | Year-on-Year Growth | Quarter-on-Quarter Growth |
|---|---|---|
| Domestic Wholesale Sales | 11.3% | 1.9% |
| Domestic Sales (Excluding Petroleum) | 15.4% | 3.4% |
Foreign Wholesale Sales Also on the Rise
Foreign wholesale sales, which are sales to other countries, also went up by 8.6% compared to last year.
This growth shows that Singapore is selling more goods to other countries.
When we don’t count petroleum, foreign sales went up by 9.9%.
This means other types of goods were popular with buyers from other countries too.
Different Domestic Industries Show Mixed Results
Some industries did very well in the second quarter of 2024.
The Metals, Timber & Construction Materials industry saw a huge increase in domestic sales.
SingStat reported, “Domestic sales of the Metals, Timber & Construction Materials industry spiked 140.8% due to continued elevated sales of metals and metal ores.”
This big jump shows that there was a lot of demand for these materials in Singapore.
However, not all industries did well.
The Chemicals & Chemical Products industry saw a drop in sales by 13.5% compared to last year.
The Industrial & Construction Machinery industry also had lower sales, dropping by 13%.
- Metals, Timber & Construction Materials: Domestic sales up 140.8%
- Chemicals & Chemical Products: Sales down 13.5%
- Industrial & Construction Machinery: Sales down 13%
What This Means for Singapore’s Economy
The strong increase in wholesale sales is a good sign for Singapore’s economy.
It suggests that the country might be recovering well after the COVID-19 pandemic.
More sales mean more business activity, which can lead to more jobs and money for the country.
However, the fact that some industries are not doing as well shows that there are still challenges.
Companies in these industries might need to find new ways to sell their products.
Singapore’s Position as a Trade Hub
The growth in foreign sales is especially important for Singapore.
It shows that the country is still a key place for trade in Asia.
This could help Singapore make more trade deals with other countries.
SingStat noted, “On a year-on-year basis, most wholesale trade industries registered increases in foreign sales in the second quarter of 2024.”
This broad increase across industries is a positive sign for Singapore’s trade sector.
Looking Ahead
While the overall picture is positive, there are still things to watch out for.
The differences in how well different industries are doing shows that the market can change quickly.
Companies might need to be ready to adapt to these changes.
The government and businesses will likely keep a close eye on these trends in the coming months.
Singapore wholesale trade sector showed strong growth in Q2 2024, with rises in both domestic and foreign sales, pointing to a healthy trade environment.
