Singapore’s wholesale trade sector staged a powerful rebound in the second quarter of 2026, with domestic wholesale sales surging 20.3% year on year, according to the latest data from the Singapore Department of Statistics.
The sharp turnaround comes after domestic wholesale sales fell 1.4% in the first quarter, highlighting how quickly activity accelerated during the April-to-June period.
The latest figures point to broad-based strength across several parts of Singapore’s wholesale economy, although not every segment shared in the recovery.
Domestic wholesale sales climb sharply
SingStat reported that domestic wholesale sales increased 20.3% year on year in Q2 2026. When petroleum is excluded, the increase was even stronger at 21.4%, with sales reaching about S$55 billion.
On a seasonally adjusted quarter-on-quarter basis, domestic wholesale sales rose 13.5%. Excluding petroleum, the increase was 10%.
The recovery was particularly visible in general wholesale trade, where domestic sales jumped 67% year on year. SingStat attributed the increase to higher commodity sales volumes and prices.
Another major contributor was the ship chandlers and bunkering segment, where domestic sales climbed 56.5%, largely reflecting higher bunker fuel prices.
Not every industry benefited
Despite the headline growth, some parts of Singapore’s wholesale sector continued to face pressure.
Domestic sales of metals, timber and construction materials fell 23.6% year on year, mainly because of lower sales volumes of metals.
That divergence is important: the 20.3% overall increase does not mean every wholesale business experienced a comparable surge.
Instead, the latest numbers show an economy where commodity-related activity and selected trade segments are providing significant support while some construction-related wholesale categories remain weaker.
Foreign wholesale trade delivers an even bigger jump
Singapore’s role as a regional trading hub was also reflected in the foreign wholesale figures.
Foreign wholesale sales increased 28.6% year on year in Q2 2026, accelerating from the 6.3% increase recorded in Q1. On a seasonally adjusted quarter-on-quarter basis, foreign wholesale sales rose 16.7%.
Foreign wholesale sales were estimated at approximately S$1.191 trillion. Excluding petroleum, they increased 21.9% to around S$663 billion.
The strongest growth came from technology-related trading.
Foreign sales of electronic components surged 54.4% year on year, supported by higher prices and sales volumes. Meanwhile, telecommunications and computers sales increased 39.6%, helped by stronger sales of computer hardware and accessories.
The figures come as demand for electronics and computing infrastructure continues to support Singapore’s trade-related sectors.
A stronger Q2 follows a weak start to the year
The latest performance represents a significant change from the beginning of 2026.
In Q1, domestic wholesale sales declined 6.9% year on year, with petroleum, household equipment and furniture, and metals, timber and construction materials among the weaker areas.
The Q2 rebound therefore marks a substantial shift in momentum.
Singapore’s wider economy has also been showing stronger growth. SingStat reported that Singapore’s economy expanded 5.9% year on year in Q2 2026, while the government subsequently upgraded its full-year 2026 GDP growth forecast to 4.5%–5.5%, from an earlier range of 2%–4%.
Separately, non-oil domestic exports jumped 24.2% year on year in July, extending the strong trade momentum seen in June.
What the numbers could mean for Singapore
The wholesale figures provide another sign that Singapore’s trade ecosystem entered the second half of 2026 with considerable momentum.
The combination of stronger domestic wholesale activity, rapidly expanding foreign wholesale trade and strong electronics demand suggests that global technology-related demand remains an important engine for Singapore’s trade performance.
But the uneven performance across industries is a reminder that the recovery is not uniform.
The big question now is whether the strength seen in Q2 can continue into the second half of the year — particularly if commodity prices, global demand and geopolitical conditions become less favourable.
For now, however, the numbers tell a striking story: Singapore’s wholesale sector went from contraction in Q1 to double-digit domestic growth in Q2, while foreign wholesale trade accelerated even faster.
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