Motor vehicles: Sales and service costs up - Wholesale trade on the rise

The performance of the motor vehicle sales sector remains impressive, registering annual increases, while both the maintenance and repair of vehicles and the sale of parts and accessories demonstrate positive growth.

As CySTAT figures show, the turnover value index of trade and repair of motor vehicles increased by 11.8% in the second quarter of 2024, compared to the corresponding quarter of 2023, while for the period January - June 2024 the annual increase reaches 13.7%.

For the second quarter of 2024, the index measuring the sale of motor vehicles increased by 16.5% compared to the second quarter of 2023, while for the first half of 2024 the annual increase was 18.2%.

Motorcycles “hit the brakes”

The maintenance and repair of motor vehicles continues to move upwards, marking a 5.2% increase in the second quarter of 2024 compared to the corresponding period last year, while for the first half of 2024 the increase exceeded 8.1%.

There are also positive signs in the sale of motor vehicle parts and accessories, with an increase of 7.5% in the period April-June 2024 compared to the same period in 2023, but also a rise of 7.9% in the period January-June 2024 compared to the corresponding period last year.

In contrast, the sector of the sale, maintenance and repair of motorcycles and their parts and accessories moved downwards, falling by 11.5% in the second quarter of 2024 compared to the second quarter of 2023, but also by 11.2% in annual basis in the first half of 2024.

Wholesale trade is on the rise

In 2024, most of the indices measuring wholesale trade moved in a positive trend.

More specifically, the wholesale trade turnover value index in the second quarter of 2024 increased by 7.7% compared to the corresponding quarter of 2023, while in the first half of 2024 it increased by 5.5% compared to the corresponding period last year.

The largest increase, of 21.3%, was recorded in the second quarter of 2024 by wholesale trade for a fee or under contract compared to the second half of 2024, while for the first half of 2024 the annual increase amounted to 9.4%.

With an increase of 15.6% in the second quarter of 2024, the wholesale of household goods moved in relation to the second quarter of 2023, while for the first half of the year the annual increase reached 11.2%.

Wholesale trade of other machinery, equipment and supplies recorded year-on-year increases of 14.1% and 10.9% in the second quarter and first half of 2024 respectively.

On the contrary, the wholesale trade of raw agricultural raw materials and live animals fell by 18% in the April-June 2024 period compared to the same period in 2023, while the annual decrease for the first half was 22.5%.

(Source: InBusinessNews)