Wholesale trade refers to the business-to-business (B2B) transaction of goods. Comprising more than 34,500 companies, it is a highly diversified industry. A wide range of products, from commodities to industrial and consumer products, are traded through Singapore.
Wholesale trade companies include:
A key contributor to Singapore’s economy, wholesale trade accounted for S$81 billion or 18% of our Gross Domestic Product (GDP) in 2020. It also provides more than 300,000 jobs to about 8% of Singapore’s workforce.
As part of Singapore Economy 2030, the Trade 2030 strategy was launched to deepen and widen Singapore’s trade and to help enterprises grow beyond our borders. This strategy focuses on enhancing trade and strengthening Singapore’s connectivity to the world, by growing trade volume, diversifying trading activities, expanding trade with more parts of the world, and attracting more global traders and new trade flows through Singapore. It will also capture more re-exports and transhipment flows, to plug Singapore more deeply into global supply chains.
Asia’s rapid population growth is driving the region’s urbanisation and consumer needs. This results in an increase in the region’s demand for goods such as food, infrastructure materials and equipment, and smart devices.
If you are in wholesale trade, you are well-positioned to capture these growth opportunities in the region, with the support of a vibrant ecosystem and strong trade infrastructure in Singapore.
Capitalise on digital technology to stay competitive in the global trading environment. Digital marketplaces have emerged as an alternative channel for wholesale trade. Such platforms enable traders to have a wider reach to customers in a more efficient manner and enjoy greater economies of scale.
As a wholesale trade company, you can ride this digital wave by adopting digital solutions and automation to streamline your processes and be more productive. You can also train your employees in new skills, such as digital marketing and data analytics, which are essential for conducting trade in a digital era.
In recent years, greater environmental and social concerns have increased the demand for sustainable trading. Wholesale traders are investing time and resources to adopt sustainable practices. Integrating environmental and sustainability elements into your sourcing and trading decisions will keep you relevant in the sector, and compliant with industry standards.
If you run trading desks, keep up with the sustainability standards to leverage on emerging opportunities in the wholesale trade sector.
Enterprise Singapore supports Singapore wholesale trade companies to explore opportunities locally and abroad with a suite of tools and programmes.
Find out how you can boost capability, go global, tap the trade ecosystem and develop talents to innovate and seize new opportunities.