Informations Rapides · 25 January 2024 · n° 16

In January 2024, the business climate has slightly deteriorated in wholesale trade Bimonthly survey of wholesaling - January 2024

According to the business managers surveyed in January 2024, the bimonthly business climate in wholesale trade has deteriorated again. The composite indicator has lost one point compared to November 2023 and stands at 90. It thus remains well below its long-term average (100). This slight deterioration reflects in particular the decrease of the balance of opinion concerning the received merchandise from abroad.

In January 2024, the balance of opinion of wholesalers regarding their ordering intentions is stable: decreasing almost continuously since January 2022, it remains at its lowest level since November 2020. At the sub-sector level, it has improved only in the wholesale trade of food products and beverages and in the one of “other industrial capital goods”, and is almost stable or has diminished in the other sub-sectors.

The balances on the general business outlook and on the past sales are almost stable and remain below their long-term average (its lowest level since July 2020 for the balance concerning the past sales).

Finally, the balances related to the received merchandise, as a whole or more specifically from abroad, have both diminished again and have moved away from their long-term average.

In January 2024, the balances of opinion on the past and expected changes in the selling prices of wholesalers have decreased again and have moved away from their long-term average.

The balances of opinion on the past and expected changes in the workforce size have diminished again and have moved away from their long-term average. The one on the past change in the workforce size has been diminishing since May 2023.

The balance of opinion on the level of inventories has retreated a little but remains yet above its average. It has decreased in particular in the wholesale trade of food products and beverages, in the one of information and communication equipment, in the one of “other industrial capital goods”, and concerning “other specialized wholesale trade”. Conversely, it has sharply increased in the wholesale trade of raw agricultural products and live animals and in the one of household goods.

Finally, the balance related to the cash position has slightly diminished, just below its long-term average.

The business climate in wholesale trade in November 2023 has been revised upwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from companies.