Malaysia's wholesale and retail trade sector recorded a 3.8% year-on-year (y-o-y) growth in September 2024, achieving total sales of RM148.2 billion, said the Department of Statistics Malaysia (DOSM).
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributed this growth largely to gains in wholesale and retail trade, while noting a decline in the motor vehicle sub-sector.
“Wholesale trade contributed RM66.5 billion, increasing 3.6%, while retail trade showed resilience, with a 5.5% growth, reaching RM64.4 billion in total sales,” he said in a statement on Thursday.
The motor vehicles sub-sector, however, saw a modest contraction of 1% in sales, totalling RM17.3 billion, with a sharper decline of 10.3% specifically in motor vehicle sales.
“This decrease may have been partially influenced by a new regulation introduced in August, which adjusts financing requirements and could be prompting consumers to reassess their purchasing decisions as they adapt to the updated loan terms,” he said.
Mohd Uzir noted that several external factors helped bolster the wholesale and retail trade sub-sectors in September.
"A 9% rise in tourist arrivals, the one-week school holidays, Malaysia Day festivities, and the successful Malaysia Agriculture and Horticulture and Agrotourism event positively impacted sales," he noted.
Mohd Uzir also highlighted that, after netting out the effect of price changes, the volume index of wholesale and retail trade for September grew 3.5% y-o-y.
"Wholesale trade expanded by 4.8%, retail trade by 3.8%, while motor vehicles saw a 2.4% decline in volume. The seasonally adjusted volume index fell by 1.9% month-on-month," he shared.
Overall, Mohd Uzir said Malaysia's wholesale and retail trade sector continued to demonstrate a steady performance, driven by sustained consumer confidence and stable economic conditions.
“The sector's resilience, despite challenges in specific sub-sectors, reflects the strength of domestic demand and the adaptability of businesses.
“With sustained growth in key areas such as retail and wholesale trade, the sector is well positioned to face any short-term challenges,” he added.
Source: theedgemalaysia.com
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