SINGAPORE, Aug. 20 (Xinhua) -- Domestic wholesale trade in Singapore contracted by 2.2 percent on quarter in the second quarter of 2014, due to a plunge in sales of metals, timber and construction materials, according to the latest report by the Department of Statistics on Wednesday.
Excluding petroleum, domestic wholesale trade declined 1.6 percent. After removing the price effect, overall domestic wholesale trade decreased 1.6 percent over the previous quarter.
The metals, timber & construction materials industry reported a significant decline of 15.8 percent in second quarter, followed by the chemicals & chemical products, which saw a decline of 3.6 percent.
On the other hand, the transport equipment industry registered an increase of 8.3 percent in domestic sales, the biggest increase among all sectors.
On a year-on-year basis, domestic wholesale trade fell 6.1 percent in the second quarter. Excluding petroleum, domestic wholesale trade dropped 2.4 percent compared to the second quarter of 2013.
As to foreign wholesale trade, it recorded an increase of 2.3 percent on-quarter in the second quarter this year, driven by a jump of 10.4 percent in general wholesale trade.
The Wholesale Trade Index measures the short-term performance of wholesale trade activities. The indices are presented at both current prices and constant prices.
The indices at current prices measure the changes in sales value which can result from changes in both price and quantity. By removing the price effect, the indices at constant prices measure the changes in sales volumes.