The business resulting from wholesale and retail trade, maintenance, and repair of motor vehicles and motorcycles has shown a positive trend in the first half of this year, according to data published by the National Institute of Statistics (INS). The overall increase in turnover by 1.8% in the first six months of 2024, compared to the same period in 2023, indicates growth and stability in this sector.
One of the key highlights from the INS report is the significant increase in turnover in specific areas within the industry. Trade in motorcycles, related parts, and accessories saw a substantial growth of 14.2%, while maintenance and repair of motorcycles increased by 8.5%. Additionally, trade in parts and accessories for motor vehicles experienced an 8.5% increase, and trade in motor vehicles saw a 2.2% rise. These positive figures reflect a healthy demand for both motorcycles and motor vehicle-related products and services.
However, it is important to note that not all sectors within the industry experienced growth. Motor vehicle maintenance and repair activities saw a decrease of 17.2% in turnover, indicating a potential shift in consumer preferences or market dynamics. Despite this decline, the overall increase in turnover for the sector as a whole demonstrates resilience and adaptability within the industry.
When looking at the adjusted series, which takes into account factors such as the number of working days and seasonal variations, the turnover in wholesale and retail trade, maintenance, and repair of motor vehicles and motorcycles increased by 2.1% in the first half of 2024 compared to the same period in the previous year. This adjusted series provides a more accurate representation of the industry’s performance, taking into account external factors that may impact business operations.
In terms of business dynamics, the total number of businesses in the wholesale and retail trade, maintenance, and repair of motor vehicles and motorcycles decreased by 3.5% in June 2024 compared to June 2023. This decline may be attributed to various factors such as market consolidation, changing consumer behavior, or economic conditions. However, despite the decrease in the number of businesses, the overall turnover in the sector increased, indicating efficiency and growth within existing establishments.
In conclusion, the data from the INS report paints a positive picture of the wholesale and retail trade, maintenance, and repair of motor vehicles and motorcycles industry in the first half of 2024. While there are areas that experienced a decline in turnover, the overall trend shows growth and resilience in the face of changing market dynamics. As the industry continues to evolve, businesses will need to adapt to meet the demands of consumers and stay competitive in a rapidly changing market.