KUALA LUMPUR (Jan 13): Malaysia’s wholesale and retail trade growth decelerated to 4.7% year-on-year in November, largely driven by sales in non-specialised and specialised stores, official data on Monday showed.
Distributive trade totalled RM149.3 billion in November, the Department of Statistics Malaysia said in a statement. The rate was a tad slower than the 5.5% gain in October versus a year earlier. On a month-on-month basis, sales value fell 0.5%.
However, the wholesale and retail trade sector is expected to have benefited from December’s holiday season and school breaks that typically bring a surge in festive shopping and higher family spending, the department said, coupled with higher tourist arrivals and an increase in civil servants’ pay last year.
“Coupled with year-end sales and promotional campaigns, these factors positioned December as a potentially strong month for the sector, closing the year of 2024 on an optimistic note,” it added.
Retail trade grew 5.8% to RM64.8 billion in November, partly helped by sales of automotive fuel and that of food, beverages and tobacco.
Wholesale, meanwhile, gained 4.7% to RM66.2 billion driven by the agricultural raw materials and live animals category benefiting from a surge in crude palm oil prices, as well as an increase in wholesale of household goods.
The motor vehicles sub-sector eked out 1.4% growth to RM18.3 billion, as sales of parts and accessories as well as spending on maintenance offset a contraction in vehicle sales, as consumers held off on purchases awaiting potential year-end discounts or rebates.
Internet retail sales, meanwhile, expanded 5.2% year-on-year in November, on the back of major sales events like the 11.11 Singles’ Day, which boosted e-commerce activity. After adjusting for seasonal variations, the index declined 4.3% month-on-month.
A volume index of wholesale and retail trade, which adjusts for price fluctuations, was up 3.9% when compared to the same month in 2023. On a seasonally adjusted month-on-month basis, the volume index dipped 0.7%.
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