KUALA LUMPUR: 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% 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%.
“Retail trade recorded total sales of RM65.8 billion, an increase of RM3.4 billion, with a y-o-y growth of 5.4%,“ he said in a statement.
Motor vehicles sub-sector recorded total sales of RM19.9 billion, with a 6.9% 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% 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% to RM6.6 billion, partly supported by a 40.0% 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% 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% 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% to RM764.9 billion, wholesale trade increased by 4.7% to RM782.1 billion, and motor vehicles saw a growth of 6.5% 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.
