KUALA LUMPUR: Malaysia’s wholesale & retail trade sector grew by 5.5 per cent 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 five per cent 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 per cent to reach RM64.9 billion, while wholesale trade contributed RM66.3 billion, reflecting a 4.8 per cent increase.
"The motor vehicle sub-sector also showed signs of recovery, registering a 2.7 per cent 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 per cent, while retail sales of food, beverages, and tobacco surged by nine per cent, 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 per cent, alongside gains in wholesale of machinery, equipment and supplies (up 8.3 per cent) and the wholesale of agricultural raw materials and live animals (up 7.9 per cent).
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. - Bernama
