Slows in May, but OPR cut and wage gains set to support 2H25
Distributive trade sales slowed to 4.4% YoY (Apr: 4.7%), a nine-month low
- MoM (1.7%; Apr: -1.5%): rebounded on seasonal demand
- Sales value (RM154.3b: Apr: RM151.7b): hit a record high and remained above the 2024 average of RM147.2b.
Retail trade gains helped offset softness in motor vehicles and wholesale trade
- Motor vehicles (1.2%; Apr: 2.1%): broad-based slowdown led by softer growth in maintenance & repair of motorcycles (8.2%; Apr: 13.4%), followed by vehicle sales (0.2%; Apr: 1.0%) and vehicle parts and accessories (2.1%; Apr: 2.5%). However, monthly unit sales rose to 68.0k (Apr: 60.5k).
- Wholesale trade (4.7%; Apr: 5.5%): slowed for a third straight month, in line with the 2024 average of 4.7%. Slower growth was dragged by agricultural raw materials & live animals (3.0%; Apr: 5.2%) and machine, equipment and supplies (5.1%; Apr: 9.8%), though supported by household goods (7.4%; Apr: 6.6%) and food, beverages and tobacco (7.7%; Apr: 7.5%).
- Retail trade (4.9%; Apr: 4.7%): accelerated on strong growth in household equipment (5.6%; Apr: 3.6%), specialised store (5.2%; Apr: 4.5%) and cultural & recreation goods (3.8%; Apr: 3.1%). This offset slower growth in not-in-stores, stalls or markets (4.1%; Apr: 6.5%) and stalls and markets (6.7%; Apr: 8.3%)
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