Seasonally adjusted wholesale trade sales fell 1% in January 2016 compared with December 2015. This followed month-on-month declines of 0.4% in December and 1.9% in November.
The RMB/BER confidence index for the first quarter of 2016 showed that retailers and wholesalers were less pessimistic, but because confidence remained at low levels, trading conditions were likely to remain challenging.
"Indeed, depressed consumer confidence, high existing levels of indebtedness and tighter fiscal and monetary policies are likely to act as dampers on household spending growth," Investec analysts said.
In the three months to 31 January 2016, seasonally adjusted wholesale trade sales were down 1.7% compared with the previous three months.
Measured in nominal terms (current prices), wholesale trade sales were up 5.9% in January 2016 compared with January 2015.
Wholesale trade sales increased 5.8% in the three months to 31 January 2016 compared with the three months to 31 January 2015.
The results of the monthly wholesale trade sales survey are used to compile estimates of the gross domestic product (GDP) and its components, which are used in monitoring the state of the economy and formulation of economic policy. These statistics are also used in the analysis of comparative business and industry performance.
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