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Thursday, a report by Statistics Singapore said the domestic wholesale trade declined a seasonally adjusted 11% sequentially in the first quarter, slower than a 29.1% drop in the fourth quarter.
After removing the price effects, the domestic wholesale trade was down 2.4% in the first quarter compared to a 2.9% fall in the fourth quarter.
Year-on-year, the wholesale trade at current prices dipped 34.5% in the first quarter, much faster than a 23% decline in the preceding quarter. At constant prices, the wholesale trade fell 6.8% compared to a 5.4% decline in the fourth quarter. Meanwhile, the foreign wholesale trade declined a seasonally adjusted 10.5% in the first quarter compared to the fourth quarter, and after adjusting for price effects was down 1.9%.
On a yearly basis, the foreign wholesale trade dropped 36% at current prices and fell 9.7% at constant prices in the first quarter.