Vehicle sales plunge 92%, dragging down wholesale, retail trade

 

Malaysia’s wholesale and retail trade in June was the worst of any month this year.

KUALA LUMPUR: Malaysia’s wholesale and retail trade sales tumbled 10.3% year-on-year to RM92.2 billion in June, according to the department of statistics Malaysia (DOSM).

Chief statistician Mohd Uzir Mahidin said this was the lowest growth recorded this year as the country went into total lockdown amid the worsening Covid-19 pandemic.

The motor vehicles sub-sector suffered the most, plunging 92.4%, or RM11.2 billion, to register only RM900,000 in sales, he said in a statement.

Retail trade dropped 2.9%, or RM1.2 billion, to RM40.6 billion, while wholesale trade grew 3.6%, or RM1.8 billion, to RM50.7 billion.

On a month-on-month comparison, sales value slid 14.8% in June.

The retail trade sub-sector contracted 2.9% as sales in non-specialised stores declined 7.2%, or RM1.1 billion, to RM14.8 billion, the first negative growth this year despite being allowed to operate during the lockdown period.

Retail sales of automotive fuels also tumbled 21.6% to RM2.5 billion, followed by sales declines in specialised stores, food, beverages and tobacco.

However, other groups in the sub-sector recorded positive growth – household goods at 6.6%, retail sale of information and communication equipment 5.5%, cultural and recreation goods 3.7%, retail sale not in stores, stalls or markets 17%; and stalls and markets 2.8%.

On a monthly comparison, retail trade fell 6.4% with all groups in this sub-sector registering negative growth.

The wholesale trade sub-sector grew 3.6% in June, supported by other specialised wholesale trades which jumped 17.2%, or RM3.0 billion, to RM20.2 billion followed by wholesale of agricultural raw materials and live animals, which expanded 2.9%, or RM0.1 billion, to RM4.6 billion.

Wholesale of food, beverages and tobacco declined 9.2% followed by wholesale on a fee or contract basis, which tumbled 22.5%. - FMT