The Malaysian economy's retail and wholesale sector displayed a moderate expansion in November 2024, as reported by the Department of Statistics Malaysia (DOSM). The sales value for Malaysia's wholesale and retail trade experienced a year-on-year increase of 4.7%, totaling 149.3 billion ringgit for the month.
Specifically, retail sales in November rose by 5.8% compared to the previous year, while wholesale sales also recorded a 4.7% increase from the same month a year prior. However, when compared month-to-month, both wholesale and retail sales experienced a slight decline in November compared to October, according to the figures released by DOSM. Additionally, DOSM provided a separate report on the performance of automobile sales, repair services, and parts.
The automobile segment experienced a modest growth of 1.4% year-on-year in November. Nevertheless, in comparison to the previous year, automobile sales in Malaysia decreased by 4.3% in November. Conversely, sales of automobile parts increased by 8.6%, while repair services rose by 6.3% year-on-year. On the matter of the sluggish automobile sales, DOSM highlighted, "The subdued performance in the sales of motor vehicles can be attributed to consumers holding off on purchases while waiting for potential year-end discounts or rebates." Looking ahead, December is anticipated to show favorable improvements in Malaysian retail sales, according to the DOSM.
"As we approach December, the wholesale and retail trade sector is poised to capitalize on several key drivers inherent to this month. The holiday season often results in a surge in festive shopping, amplified by school holidays that encourage higher spending by families," stated DOSM. Furthermore, the expected increase in tourist arrivals alongside boosts in public-sector wages is likely to enhance retail activity, supplemented by year-end sales and promotional campaigns, indicated DOSM..