Singapore's domestic wholesale sales fell 4.4 percent year-on-year in the fourth quarter of 2024, according to data released by the Singapore Department of Statistics on Thursday.

Excluding petroleum, domestic wholesale sales declined by 0.7 percent. Most wholesale trade industries saw a drop in domestic sales, with the Industrial and Construction Machinery sector recording the steepest decline of 22.6 percent due to "lower sales of electrical and wiring accessories," the department said in a report.

On a quarter-on-quarter basis, seasonally adjusted domestic wholesale sales rose 4.6 percent in the fourth quarter. Excluding petroleum, domestic sales increased by 1.3 percent compared to the previous quarter.

Meanwhile, Singapore's foreign wholesale sales declined 2.9 percent year-on-year in the fourth quarter. However, excluding petroleum, foreign wholesale sales grew by 2.1 percent.

Compared to the previous quarter, seasonally adjusted foreign wholesale sales fell 2.2 percent in the fourth quarter. Excluding petroleum, foreign wholesale sales dropped 1.3 percent.