The wholesale and retail trade sector grew by 3.8% in September, car sales fell amid new rules, DOSM reports

KUALA LUMPUR, Nov 7 — Malaysia’s wholesale and retail trade sector recorded 3.8% year-on-year (y-o-y) growth in September 2024, reaching total sales of RM148.2 billion, the Department of Statistics Malaysia (DOSM) said. ).

Chief statistician Datuk Seri Mohd Uzir Mahidin attributed the growth mainly to growth in wholesale and retail trade, while noting a decline in the automobile sub-sector.

“Wholesale trade contributed RM66.5 billion, up 3.6%, while retail trade showed resilience, growing 5.5% to reach RM64.4 billion in total sales,” he said in a statement. today’s statement.

However, the automobile sub-sector saw a modest one percent decline in sales totaling RM17.3 billion, with a sharper decline of 10.3 percent especially in automobile sales.

“This decline may be partly influenced by new regulation introduced in August, which adjusts financing requirements and may prompt consumers to reconsider their purchasing decisions as they adapt to updated lending conditions,” he said.

Mohd Uzir noted that several external factors helped support the wholesale and retail trade subsector in September.

“A 9 percent increase in tourist numbers, a week-long school holiday, Malaysia Day celebrations and a successful agriculture, horticulture and agritourism event in Malaysia contributed positively to sales,” he said.

Mohd Uzir also emphasized that after deducting the effect of price changes, the wholesale and retail trade volume index for September 2024 increased by 3.5 percent compared to the same period last year.

“Wholesale trade grew by 4.8 percent, retail trade by 3.8 percent, and automobile sales volumes decreased by 2.4 percent. The seasonally adjusted volume index fell 1.9% month on month,” he shared.

Overall, Mohd Uzir said Malaysia’s wholesale and retail trade sector continues to perform robustly, supported by robust consumer confidence and stable economic conditions.

“The resilience of the sector, despite challenges in individual subsectors, reflects the strength of domestic demand and business adaptability.

“With strong growth in key areas such as retail and wholesale, the sector is well positioned to meet any near-term challenges,” he added. — Bernama