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On February 20, 2023, the Singapore Department of Statistics released the Wholesale Trade Index, 4th Quarter 2022 which revealed Singapore’s domestic wholesale sales increased 2.5% on a year-on-year basis in fourth quarter 2022. On a year-on-year basis, domestic sales of the Ship Chandlers & Bunkering and Petroleum & Petroleum Products industries rose 17.7% and 8.0% respectively as a result of higher local demand for bunker fuel and petroleum products. Similarly, the Other Wholesale Trade industry expanded by 12.4%, due partly to higher sales of agricultural and pharmaceutical products.
Source: Singapore Department of Statistics: Wholesale Trade Index, 4th Quarter 2022
Singapore’s foreign wholesale sales grew by 8.7% on a year-on-year basis in fourth quarter 2022. On a year-on-year basis, foreign sales of the Petroleum & Petroleum Products and Ship Chandlers & Bunkering industries increased 20.5% and 10.5% respectively, due mainly to higher global prices of crude oil and bunker fuel. Similarly, the Transport Equipment industry expanded by 17.2% as a result of higher external demand for motor vehicle.