• All sub-sectors recorded positive growth

• Holiday spending bolstered global retail sales

• Upside risk to inflation weigh on consumption spending

Malaysia’s Wholesale & Retail Trade recorded sales value of RM142.6bn, increased 6.2% YoY in November 2023. Growth was across the board.

By sub-sectors, retail trade expanded by registering 4.4% YoY or RM2.6bn to RM61.3bn. Growth was supported by Retail Sale in Non-specialised Stores which grew 6.5% or RM1.4bn to RM23.4bn (Oct: 6.1%). Other sub-sector which also recorded positive growth includes Retail Sale of Food, Beverages & Tobacco in Specialised Stores (Nov: 10.3%; Oct: 10.8%) and Retail Sale Via Stalls & Markets (Nov: 5.8%; Oct: 5.2%). Wholesale trade sub-sector rose 6.2% YoY or RM3.7bn to register RM63.2bn. This increase was contributed by Other Specialised Wholesale which rose RM2.1bn or 9.3% to RM24.2bn (Oct: 7.5%). This was followed by Wholesale of Agricultural Raw Materials & Live Animals (Nov: 9.5%; Oct: 8.9%). Sales value of motor vehicles recorded a double-digit growth of 12.7% or RM2.0bn to settle at RM18.1bn. The increase was fuelled by Sales of Motor Vehicles which increased 13.5% or RM1.2bn to record RM10.0bn (Oct: 24.6%). This was followed by Sales of Motor Vehicles Parts & Accessories (Nov: 14.5%; Oct: 16.1%) and Maintenance & Repair of Motor Vehicles (Nov: 16.3%; Oct: 17.7%). Sale of Motor Vehicles which surged 24.6% YoY October (Sep: 3.8%). This was followed by maintenance & repair of motor vehicles (Oct: 17.7%; Sep: 18.6%). The sales of motor vehicles have registered slower growth in November with a total industry volume (TIV) of 71,908 vehicles sold. This is 4% lower than October 2023 (74,896 units) and brings the yearto-date (YTD) total to 718,748 units. November 2023’s tally marks yet another month where monthly TIV exceeded the 70,000-unit mark

On a monthly basis, sales value of wholesale & retail trade rebounded marginally 0.2%, contributed by Retail Trade which went up 1.2%. However, Motor Vehicles and Wholesale Trade sub-sectors recorded negative growth of -1.6% and -0.2%, respectively.

Source: BIMB Securities Research - 12 Jan 2024