22 AUG 2017: Economy and SME Financing News
Based on data from the Department of Statistics released on 18 Aug 2017, Singapore’s total domestic wholesale trade jumped 18.5% on a yoy basis in 2Q 17, while the same rose 1.3% on a seasonally-adjusted qoq basis. If petroleum were to be excluded, the domestic wholesale trade rose 4.8% on a yoy basis, but fell 3.5% on a qoq basis.
The main drivers behind the growth in the Domestic Wholesale Trade Index were ship chandlers and bunkering (43.9%), petroleum and petroleum products (37.2%), general wholesale trade (25.5%) and electronic components (10.7%). One reason for the growth was the higher prices of petroleum and chemical products compared to the same period in 2016. After neutralising the effect of the price, ship chandlers and bunkering, petroleum and petroleum products, still registered smaller increases of 14.1% and 11.6% respectively. However, domestic sales of the chemicals and chemical products industry fell 10.3%.
The two industries that recorded the largest % falls in domestic wholesale trade were the metals, timber and construction materials with a decline of 7.3%, while telecommunications and computers declined 2.1%.
The relevant report can be found at the website of the Department of Statistics Singapore
The trade numbers 2Q 2017 showed that our domestic wholesale trading activities have been generally better than a year ago. We hope these are more rosy times for your SME. Perhaps you require more financing in anticipation of more orders or need financing to bridge cashflow shortfalls? e.g. working capital loan or invoice financing/factoring. Please let us know and we will be very keen to discuss on what works for your SME.
At IFS Capital Limited, we understand that all businesses are different in their needs and characteristics. That is why we are happy to explore financing options that meet the unique needs of your SME.
Why not drop us a note by clicking this form here and we can discuss this in further detail with you.
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