New Record for Wholesale in Malaysia in August
A new record was set for wholesale in Malaysia and retail trade as it achieved a new record in August 2022. The sector rallied to 33.7% year-on-year (RM133.7 billion).
The growth was thanks largely to the retail trade subsector. This sector recorded an increase of 34.5% (RM14.6 billion) to RM57 billion.
Sectors in Wholesale Trade That Contributed to the Growth
Motor vehicles were one sector that rose from RM10.8 billion (185.3%) to RM16.6 billion. The retail-trade sub-sector grew 34.5% in August because of sales in non-specialised stores.
Retail sales in specialised stores recorded growth, too, of RM3.7 billion. Furtehrmore, the retail sale of automotive fuels and household goods recorded an increase of RM1.8 billion and RM1.5 billion, respectively.
The next subsectors that achieved positive growth are the maintenance and motor vehicle repair. Similarly, the sales of motor vehicle accessories and parts, and the sale, repair, and maintenance of motorcycles also increased.
Wholesale trade in Malaysia grew from RM8.3 billion to RM60.1 billion. Other groups that contributed to the growth in August include wholesale of household goods, machinery, supplies, equipment, tobacco, and food and beverages.
These growths are to be a huge boost to the recovering economy, and improving the general perception of entrepreneurs looking to start a wholesale business in Malaysia.