Malaysia’s distributive trade posted growth of +6.2%yoy in Nov-23, the slowest expansion rate since Jul-23. On month-on-month basis, non-seasonally-adjusted distributive trade inched up by +0.2%.
By component, sales of motor vehicles continued its strong momentum growing by +12.7%yoy, wholesale trade rose by +6.2%yoy and retail sales improved by +4.4%yoy.
Output for domestic-oriented sectors, in contast, continued to grow albeit slower at +5.8 in Nov-23 (Oct-23: +6.7%yoy), growing for the 7th consecutive month. In particular, production for the construction-related sectors grew stronger at +7.1%yoy (Oct-23: +5.6%yoy) driven by stronger output of fabricated metal, iron & steel and non-metallic minerals.
Consumer-oriented sectors, however, recorded more moderate output growth (Nov-23: +5%yoy; Oct-23: +6.8%yoy) as stronger food output was offset by moderate output growth for motor vehicles, transport equipment and beverages. With retail spending continued to grow, we foresee domestic-oriented companies will continue to increase their production this year.
International airport passenger recovery rate steady around 80.0% of 2019-level. As of 11MCY23, Malaysia registered 74.0 million airport passenger movements via local airports under MAHB in Nov-23 (11MCY22: 45.9 million). On Nov-23 overall passenger movements recorded at 76.5% of Nov-19 levels.
Domestic passenger movements was at 75.3% of the same period in 2019. As for international passenger movements, it was still recovering at 77.7% to pre-pandemic level.
“We forecast retail trade to expand by +7.5% in 2024. As of 11MCY23, Malaysia’s distributive trade sales increased by +7.9%yoy. All components particularly sales of motor vehicles and retail trade improved by +13.0%yoy and +9.4%yoy while wholesale trade inched up by +5.3%yoy,” says MIDF.
Moving forward, the upbeat momentum of domestic demand is expected to continue in 2024 underpin by resilient labour market, stable inflationary pressure, pick-up in tourism activities and supportive & accommodative economic policies.
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