Malaysia's Wholesale & retail trade sector reached a new milestone in October 2024, recording sales of RM150.1 billion, reflecting an increase 5.5 per cent compared to the same period last year. This growth exceeded the 5 per cent expansion observed in September, underscoring the sector's resilience amidst a stable economic environment.
Reported by Department of Statistics Malaysia (DOSM) it also presented statistics on sales value and volume index of Wholesale & retail trade by sub-sector as well as index of retail sales over the internet. According to DOSM the surge in sales was driven by strong performances across the Retail trade, Wholesale trade, and Motor vehicles sub-sectors. Retail trade led the charge, growing by 7.1 percent to reach RM64.9 billion, while Wholesale trade contributed RM66.3 billion, reflecting a 4.8 per cent rise. The Motor vehicles sub-sector also showed positive signs of recovery, with a 2.7 percent growth to RM18.9 billion.
Chief Statistician Malaysia, Dato' Sri Dr. Mohd. Uzir Mahidin, highlighted the key drivers behind these results. "Retail trade has demonstrated remarkable resilience, driven by broad-based growth across its segments," he said. "Sales in nons pecialised stores rose by 8.5 per cent, while Retail sales of food, beverages & tobacco surged by 9.0 per cent, reflecting strong consumer spending during the festive season." The October growth figures were also influenced by seasonal factors, such as the Deepavali celebrations, school holidays, and events such as Agro Madani Mega Sales road tour, which boosted foot traffic in retail outlets.
Wholesale trade also demonstrated a better performance, with notable contributions from the Wholesale of food, beverages & tobacco, which surged by 8.9 per cent, alongside gains in Wholesale of machinery, equipment & supplies (up 8.3%) and Wholesale of agricultural raw materials & live animals (up 7.9%). The Chief Statistician Malaysia, emphasized, "The Wholesale trade sub-sector continues to be a cornerstone of the economy, driven by rising demand foressential and high-value goods." He also pointed to the recovery in the Motor vehicles sub-sector, which showed strong growth across various segments. Notably, the Sales, maintenance & repair of motorcycles achieved an impressive 20.7 per cent year-on-year growth.
The Chief Statistician Malaysia, noted that resilient consumer spending has reinforced the sector's growth trajectory. "The steady performance of the Wholesale & retail trade sector reflects Malaysia's underlying economic strength," he concluded.
