PETALING JAYA: Sales of Malaysia’s wholesale and retail trade sector totalled RM149.3 billion in November 2024, the second-highest last year, with a year-on-year increase of 4.7%, which was slightly lower than the 5.5% growth in October.
In a statement today, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said, “The increase in sales was primarily driven by the retail trade and wholesale trade sub-sectors. Retail trade spearheaded the growth with a 5.8% rise to RM64.8 billion, followed by wholesale trade, which recorded RM66.2 billion in sales, a 4.7% increase. Meanwhile, the motor vehicles sub-sector also showed positive growth, expanding by 1.4% to RM18.3 billion.”
Looking at the performance across sub-sectors, the retail trade demonstrated resilience with sales in non-specialised stores having grown by 5.5% and sales in specialised stores increasing by 8.2%.
Additionally, retail sales of automotive fuel rose by 6.3% followed by retail sales of food, beverages & tobacco by 6.5%.
Wholesale of agricultural raw materials & live animals recorded a significant growth of 13.7%, supported by higher crude palm oil prices which increased 35.4% in November.
Meanwhile, the wholesale of household goods increased by 5% followed by wholesale of food, beverages & tobacco and wholesale of machinery, equipment & supplies which grew 5.2% and 7.9%, respectively.
Mohd Uzir noted that the wholesale trade sub-sector continues to anchor the economy, fuelled by strong demand from households and businesses.
He highlighted that the motor vehicles sub-sector saw slower growth of 1.4% compared to 2.7% the previous month, largely due to a decline in sales of motor vehicles, which experienced negative growth of 4.3%. A similar trend was observed in Malaysian Automotive Association data, which reported a 7.8% drop in the number of units sold, as well as in vehicle registration data from the Road Transport Department, which showed a decline of 6.6%.
The subdued sales performance in the motor vehicles group can be attributed to consumers holding off on purchases, awaiting potential year-end discounts or rebates. Meanwhile, other groups recorded positive signs, with sales of motor vehicle parts & accessories achieving a solid 8.6% year-on-year growth. Additionally, both the maintenance & repair of motor vehicles and the sale, maintenance & repair of motorcycles posted notable gains, rising by 6.3%
and 13.7%, respectively.
Retail sales over the internet remained steady in November, with the index rising by 5.2% year-on-year, up slightly from 5.1% in October. The positive performance reflects ongoing consumer interest in online shopping, especially during major sales events such as the 11.11 Singles’ Day, which boosted e-commerce activity. However, after adjusting for seasonal variations, the index recorded a month-on-month decline of 4.3%.
The volume index of wholesale & retail trade, which accounts for price fluctuations, increased by 3.9% year-on-year. Wholesale trade drove this growth with a 4.7% rise, while retail trade followed with a 4.1% increase. However, when adjusted for seasonal variations, the volume index showed a decline of 0.7% compared to the previous month.
