Wholesale, Retail Trade Jump As Car Sales Spike Over 1000%
The positive growth was contributed by all sub-sectors, namely motor vehicles 1,642.8%, retail trade 38.4%, and wholesale trade 19.3%.
Malaysia's wholesale and retail trade value increased by 44% in June 2022, while volume increased by 35.8%, led by a jump in car sales value of 1,642.8% and volume of 1,529.9%, according to the Department of Statistics Malaysia on Thursday (Aug 11).
"Sales value of wholesale and retail trade recorded RM132.8 billion in June 2022, registered a growth of 44% year-on-year. The positive growth was contributed by all sub-sectors, namely motor vehicles 1,642.8%, retail trade 38.4%, and wholesale trade 19.3%.
"In terms of volume index, wholesale and retail trade registered a growth of 35.8% year-on-year to record 144.3 points. The increment was supported by the increase of motor vehicles 1,529.9%, retail trade 31.3%, and wholesale trade 10.7%," the DOSM says in a statement.
Ringgit's New Low
On August 11, the ringgit reached a new low against the Singapore dollar of 3.2517. On Thursday, the ringgit fell to a new record low of 3.2517 against the Singapore dollar before recovering to 3.2473 as of 6 p.m.
The local currency, which has fallen 5.13% year to date from 3.0887, was trading at 3.2353 on Tuesday. Meanwhile, the ringgit strengthened against the US dollar, reaching 4.4453 at the time of writing on Thursday.