Wholesale, retail trade to hit RM150b in October 2024

Wholesale, retail trade to hit RM150b in October 2024


KUALA LUMPUR: Malaysia’s wholesale & retail trade sector grew by 5.5% to hit RM150.1 billion in October 2024, compared to the same period last year, according to Statistics Department Malaysia (DOSM).

This growth exceeded the 5% expansion observed in September, underscoring the sector’s resilience amidst a stable economic environment.

DOSM attributed the surge in sales to strong performances across the retail trade, wholesale trade, and motor vehicle sub-sectors.

“Retail trade led the charge, rising by 7.1% to reach RM64.9 billion, while wholesale trade contributed RM66.3 billion, reflecting a 4.8% increase.

“The motor vehicle sub-sector also showed signs of recovery, registering a 2.7% growth to RM18.9 billion,“ DOSM said in a statement, today.

Chief statistician Datuk Seri Mohd Uzir Mahidin noted that the retail trade demonstrated remarkable resilience, driven by broad-based growth across its segments.

“Sales in non-specialised stores rose by 8.5%, while retail sales of food, beverages, and tobacco surged by 9%, indicating strong consumer spending during the festive season.

“October’s growth figures were also influenced by seasonal factors, including the Deepavali celebrations, school holidays, and events such as the Agro Madani Mega Sales road tour, which boosted foot traffic in retail outlets,“ he said.

He added that the wholesale trade sub-sector also showed better performance, with notable contributions from the wholesale of food, beverages and tobacco, which surged by 8.9%, alongside gains in wholesale of machinery, equipment and supplies (up 8.3%) and the wholesale of agricultural raw materials and live animals (up 7.9%).

Mohd Uzir emphasised that the wholesale trade sub-sector remains a cornerstone of the economy, driven by rising demand for essential and high-value goods.



Source link


Discover more from Сегодня.Today

Subscribe to get the latest posts sent to your email.

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover more from Сегодня.Today

Subscribe now to keep reading and get access to the full archive.

Continue reading