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Author: kltrader   |   Latest post: Tue, 30 Nov 2021, 5:36 PM

 

Economics - Malaysia Economy - Bleak distributive trade sales in August

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  • Distributive trade sales dropped by 10.2% yoy
  • Contraction recorded in all distributive trade sub-sectors
  • Global retail spending moderated as COVID-19 challenges persist
  • Reopening measures should propel consumer spending

Malaysia’s distributive trade recorded sales of RM100.0bn in August, dropped by - 10.2% yoy following a 14.7% decline in July 2021. The fall marked the third straights month of decline. A substantial contraction was recorded in motor vehicle sales which shrank by 57.6% yoy in August, moderating from an 85.4% drop in July. Similarly, retail and wholesale trades fell by 7.5% yoy and 0.1% yoy, respectively.

Sales value of motor vehicles sub-sector shrank by 57.6% yoy (RM11.8bn) to RM5.8bn, following an 85.4% drop in the previous month. This fall was higher due to the decline in all sub-components of motor vehicles. A total of 17,500 units were delivered in August 2021, which was 10,414 units or 147.0% higher than the 7,086 units sold in July. On a year-on-year basis, total industry volume (TIV) dipped by 67.5% from 53,838 units sold in the same period a year earlier. Meanwhile, year-to-date August 2021, Malaysia's new vehicle sales fell 4.4% to 273,757 units from 286,261 units.

Sales of retail trade decreased by 7.5% yoy or RM3.4bn to RM42.3bn. The negative growth was due to retail sale of other goods in specialised stores (-14.8%), retail sale in non-specialised stores (-8.1%), and retail sale of other household equipment in specialised stores (-7.5%). Meanwhile, wholesale trade generated sales value of RM51.9bn in August, dropped by RM0.03bn (-0.1% yoy) mainly due to the decrease of wholesale on a fee or contract basis which fell 19.4% to settle at RM0.8bn. This was followed by wholesale of household goods -9.7%, and wholesale of machinery, equipment & supplies -6.7%.

On a monthly basis, the sales value of wholesale & retail trade grew by 7.9% in August after a 0.5% gain in July. Sales of motor vehicle and retail increased by 188.1% mom and 2.9% mom, respectively. Meanwhile, the wholesale trade sub-sector rebounded by 4.7%, a reversal of a 2.4% drop in July.

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