Retail Trade Growth Forecasted at +7.5% for 2024
After recording a double-digit expansion rate in 2022, Malaysia’s distributive trade posted growth of +7.7% in the following year. Sales of motor vehicles are still on a double-digit rate of +12.3% (2022: +47.6%) while wholesale and retail trade rose by +5.2% (2022: +10.7%) and +9.0% (2022: +23.9%) respectively.
International passenger contributed 47.0% of total passenger movements in 2023. In 2019, 50.7% of Malaysia’s airports passenger traffic was contributed by international travels, 25.0% by ASEAN and 25.7% by non-ASEAN destinations. For 2023, domestic travellers accounted for 53.0% (2019: 49.4%) vis-à-vis international destinations at 47.0% whereby 21.7% were non-ASEAN and 25.3% ASEAN.
Retail Trade Growth
“We foresee retail trade to expand by +7.5% in 2024. the upbeat momentum of domestic demand is expected to continue in 2024 underpinned by resilient labour market, stable income growth, pick-up in tourism activities and supportive & accommodative economic policies.
“However, upward inflation pressure may affect consumer demand depending on the potential effects of targeted-subsidy approaches and fluctuations in the global commodity prices,” says MIDF.
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