Malaysia Distributive Trade - 14 March 2024

Sales growth rose in January on higher sales of wholesale trade and motor vehicles

Distributive trade sales growth expanded in January (5.4% YoY; Dec: 4.8%), but MoM contracted (-1.1%; Dec: 1.0%)

  • Sales value (RM142.4b; Dec: RM143.9b): fell slightly from record high.

Higher sales in January due to strong wholesale trade and motor vehicle sales

  • Motor vehicles (16.0%; Dec: 5.9%): rose sharply to a three-month high, partly due to a lower base effect. Growth was contributed by higher vehicle sales value (20.9%; Dec: 4.4%) in line with higher unit sales (65.5k units; Dec: 78.4k units) in comparison to January 2023 (50.2k units).
  • Wholesale trade (5.0%; Dec: 4.4%): growth expanded, attributable to higher sales of other specialised (8.3%; Dec: 6.2%) and food, beverages & tobacco (4.6%; Dec: 1.4%), with a combined contribution to overall growth rose to 1.8 ppts (Dec: 1.1 ppts).
  • Retail trade (2.6%; Dec: 5.0%): slowed due to a broad-based moderation across the sub-component, led by weaker sales of information & computer equipment (-2.4%; Dec: -2.3%) and a sharp slowdown in non-specialised stores (2.2%; Dec: 6.3%).