MALAYSIA’S WHOLESALE, RETAIL TRADE AT RECORD HIGH OF RM1.77 TRILLION IN 2024 -- DOSM

KUALA LUMPUR, Feb 12 (Bernama) -- Malaysia's full-year wholesale and retail trade sales surged to a record high of RM1.77 trillion in 2024, after recording RM152.2 billion in December, a 5.5 per cent rise year-on-year (y-o-y), said the Statistics Department (DOSM). 

Chief statistician Datuk Seri Uzir Mahidin said wholesale trade recorded total sales of RM66.5 billion, an increase of RM3.6 billion, which translated to a y-o-y growth of 5.7 per cent. 

"Retail trade recorded total sales of RM65.8 billion, an increase of RM3.4 billion, with a y-o-y growth of 5.4 per cent," he said in a statement. 

Motor vehicles sub-sector recorded total sales of RM19.9 billion, with a  6.9 per cent y-o-y growth of RM1.3 billion growth.

The statement said wholesale performed steadily, supported by other specialised wholesale, which grew by 3.6 per cent to RM24.7 billion, primarily driven by petroleum-related products. 

Additionally, the wholesale of agricultural raw materials and live animals group recorded a substantial rise of 13.9 per cent to RM6.6 billion, partly supported by a 40.0 per cent rise in crude palm oil prices, surpassing RM5,000 per tonne for two consecutive months. 

"Growth was also underpinned by the wholesale of food, beverages and tobacco, which climbed 6.3 per cent, spurred by purchases in anticipation of school holidays, Christmas, and New Year celebrations," said Mohd Uzir. 

In terms of volume index, wholesale and retail trade recorded a 4.4 per cent y-o-y increase. 

Growth was primarily driven by the motor vehicles sub-sector, which rose by 5.5 per cent, followed by wholesale trade, which saw a 5.0 per cent increase.

After adjusting for seasonal variation, the volume index registered a 0.8 per cent month-on-month decline against November.

"For the entire 2024, retail trade grew by 6.1 per cent to RM764.9 billion, wholesale trade increased by 4.7 per cent to RM782.1 billion, and motor vehicles saw a growth of 6.5 per cent to RM219.1 billion.

“Malaysia’s wholesale and retail trade sector demonstrated resilience in 2024, driven by strong consumer demand, increased tourism, and a stable economic environment,” he said.

Mohd Uzir said the sector is expected to maintain its momentum in 2025, supported by steady domestic consumption, international tourism, e-commerce expansion, and growing demand for electric vehicles. 

However, inflationary pressures, subsidy rationalisation, and global economic uncertainty are expected to put some pressure on this sector.

-- BERNAMA