KUALA LUMPUR - Malaysia’s wholesale and retail trade hit an all-time high of 143.9 billion ringgit (30.21 billion U.S. dollars) in December, official data showed Thursday. The Department of Statistics Malaysia said in a statement that the increase of 4.8 percent year-on-year for wholesale and retail trade in December 2023 was driven by the retail trade sub-sector, which rose 5 percent. Wholesale trade expanded by 4.4 percent, while motor vehicles grew by 5.9 percent.
As for the fourth quarter last year, the wholesale and retail trade rose 5.8 percent year on year to 428.8 billion ringgit, underpinned by the wholesale trade sub-sector, which increased by 5.4 percent. Meanwhile, retail trade expanded by 4.5 percent and the motor vehicle sub-sector went up 12.3 percent. As for the full year of 2023, the wholesale and retail trade jumped 7.7 percent year on year to 1.7 trillion ringgit. This was spurred by retail trade, which increased by 9 percent, while wholesale trade expanded by 5.2 percent and the motor vehicles sub-sector grew 12.3 percent.
MALAYSIA’S SERVICE SECTOR REVENUE UP 6.6PC ON YEAR IN Q4
Malaysia’s service sector revenue rose 6.6 percent year-on-year in the fourth quarter of 2023 to 591.4 billion ringgit (124.1 billion U.S. dollars), official data showed Thursday. The Department of Statistics Malaysia said in a statement that the growth was contributed by favorable performance in all segments of the service sector.
Wholesale and retail trade, food and beverage and accommodation segments grew 5.9 percent, while information and communication and transportation and storage segments increased by 8.1 percent. Professional, real estate and administrative and support service segment expanded by 8.8 percent, while the private health, private education, arts, entertainment and recreation and personal services and other activities segment climbed by 12.3 percent. A quarter-on-quarter comparison showed that the total revenue for the service sector in Malaysia rose 1.3 percent in the fourth quarter of 2023 as compared to the third quarter of the same year. The total revenue of Malaysia’s service sector in 2023 was 2.3 trillion ringgit, which is an increase of 8.4 percent as compared to the previous year.