Wholesale, retail trade see negative growth for two consecutive months

MALAYSIA’S wholesale and retail trade year in February 2024 was up year-on-year (YoY) but saw negative growth for two consecutive months.

The wholesale and retail trade recorded sales value of RM141.1 billion in February 2024, up 5.5% compared to the same period last year, according to latest numbers released by the Department of Statistics Malaysia (DOSM) today.

It said the sales value recorded negative growth for two consecutive months, down 0.9% compared to January 2024.

Retail trade rose 5.8% YoY to RM61.5 billion while wholesale trade expanded 5.2% to RM62.2 billion in February 2024. This was trailed by motor vehicles sales which grew 5.4% to RM17.4 billion.

In a statement, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the YoY 5.4% growth for motor vehicles sub-sector was fueled by sales of motor vehicle parts and accessories which surged 13.7% to record RM4.9 billion.

It was followed by maintenance and repair of motor vehicles (14.1%) and sales of motor vehicles (0.2%). — TMR