KUALA LUMPUR: Malaysia's wholesale and retail trade sector recorded a 3.8 per cent 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 the wholesale and retail trade while noting a decline in the motor vehicle sub-sector.
"Wholesale trade contributed RM66.5 billion, increasing 3.6 per cent, while retail trade showed resilience, with a 5.5 per cent growth, reaching RM64.4 billion in total sales,” he said in a statement today.
The motor vehicles sub-sector, however, saw a modest contraction of one per cent in sales, totalling RM17.3 billion, with a sharper decline of 10.3 per cent specifically in motor vehicle sales
"This decrease may be 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 several external factors helped bolster wholesale and retail trade subsectors in September.
"A nine per cent 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 2024 grew 3.5 per cent y-o-y.
"Wholesale trade expanded by 4.8 per cent, retail trade by 3.8 per cent, while motor vehicles saw a 2.4 per cent decline in volume. The seasonally adjusted volume index fell by 1.9 per cent month-on-month," he shared.
Overall, Mohd Uzir said Malaysia's wholesale and retail trade sector continues to demonstrate 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. - Bernama
