Bimb Research Highlights

Economics - Resilient Consumer Demand

kltrader
Publish date: Fri, 09 Feb 2024, 12:34 PM
kltrader
0 20,203
Bimb Research Highlights
  • Growth in Distributive Trade Sales Moderated to 4.4% YoY in December
     
  • All Sub-sectors Recorded Positive Growth
     
  • Mixed global retail sales in December
  • Upbeat momentum of domestic demand is expected to continue

Malaysia’s Wholesale & Retail Trade recorded the highest monthly sales value amounting to RM143.9bn in December2023 with a growth of 4.4% YoY. Growth was across the board.

By sub-sectors, retail trade rose 5.0% YoY or RM3.0bn to register RM62.4bn. Growth was contributed by Retail Sales in Non-specialised Stores which grew 6.3% or RM1.4bn to RM23.8bn (Nov: 6.5%). Other groups in this sub-sector also recorded positive growth namely Retail Sale of Food, Beverages & Tobacco in Specialised Stores (Dec: 9.9%; Nov: 10.3%), Retail Sale Via Stalls & Markets (Dec: 6.6%; Nov: 5.8%), Retail Sale of Other Household Equipment in Specialised Stores (Dec: 5.9%; Nov: 3.7%) and Retail Sale of Other Goods in Specialised Stores (Dec: 5.8%; Nov: 3.7%). Wholesale trade sub-sector expanded by 4.4% YoY or RM2.6bn to RM62.9bn. The increase was supported by Other Specialised Wholesale which rose RM1.4bn or 6.2% to RM23.9bn (Nov: 9.3%). This was followed by Wholesale of Household Goods (Dec: 5.3%; Nov: 5.2%) and Wholesale of Agricultural Raw Materials & Live Animals (Dec: 5.4%; Nov: 9.5%). Sales value of motor vehicles registered a positive growth of 5.9% YoY or RM1.0bn to settle at RM18.6bn. The increase was fuelled by Sales of Motor Vehicles Parts & Accessories which surged 10.9% or RM0.5bn to record RM4.7bn (Nov: 14.5%). This was followed by Sales of Motor Vehicles (Dec: 4.4%; Nov: 13.5%) and Maintenance & Repair of Motor Vehicles (Dec: 12.3%; Nov: 16.3%). Malaysian new vehicle sales finished last year on a positive note with volume up to 78,398 units in December. Sales of new motor vehicles in 2023 rose 11% to a new all-time high of 799,731 units from 721,177 in 2022. 2023 was also the 2nd consecutive year the TIV (total industry volume) exceeded the 700,000-units mark.

On a monthly basis, sales value of wholesale & retail trade increased 1.0%, contributed by Retail Trade which went up 1.8% and Motor Vehicles which grew 2.7%. However, Wholesale Trade sub-sectors recorded negative growth of -0.4%.

Source: BIMB Securities Research - 9 Feb 2024

Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment