Malaysia’s wholesale, retail trade hits all-time high in December 2022
The Department of Statistics Malaysia (DOSM) has announced that the country’s wholesales and retail trade in December 2022 reached a record high of 137.3 billion RM (31.9 billion USD), up 13.8% year-on-year.
Malaysia's retail trade rose 22.7% to 59.5 billion RM while wholesale trade was up 4.7% to 60.3 billion RM in December 2022.(Photo: thestar.com.my)
KualaLumpur (VNA)🎃 – The Department of Statistics Malaysia (DOSM) hasannounced that the country’s wholesales and retail trade in December 2022reached a record high of 137.3 billion RM (31.9 billion USD), up 13.8% year-on-year.
Retail traderose 22.7% to 59.5 billion RM while wholesale trade was up 4.7% to 60.3 billionRM.
In terms ofperformance across sub-sectors, retail sales in non-specialised stores inretail trade grew 24.7% or 4.4 billion RM to 22.4 billion RM, while sales inspecialised stores rose by 30.7%.
🌃 Other sub-sectors also recorded impressivegrowth, namely automotive fuels (44.4%), household goods (12.6%), food,beverages and tobacco (16.0%), information and communication equipment (9.8%),cultural and recreational goods (3.9%), stalls and market (17.8%), andretail sales not in stores, stalls or market (11.4%).
Thewholesale trade sub-sector recorded positive growth due to the wholesale ofhousehold goods sub-sector which rose by 7.6% to 12.3 billion RM in December2022. It wasfollowed by wholesale of agricultural raw materials and live animals at 18.2%to record 5.5 billion RM. The wholesale of food, beverages and tobacco alsoincreased 6.1% to 12.2 billion RM.
According to DOSM, retail andwholesale trade in the fourth quarter of 2022 reached 405.2 billion RM, up 14.3% year-on-year thanks to the retail tradesub-sector that expanded by 23.8% to 176.5 billion RM while wholesale traderose by 5.9% to 179.7 billion RM.
💮 The wholesaleand retail trade for the whole year 2022 increased by 19.6% compared with 2021’sfigure and accumulated a total sales of 1.6 trillion RM. Of these, retail traderose by 23.9% to 661.1 billion RM whereas wholesale trade expanded by 10.7% to 710.3 billion RM.
Sales of wholesale andretail trade in 2022 surpassed those recorded in the pre-pandemic period (2019) by 228.1billion RM./.
Malaysia’s Kenanga Research (Kenanga) expects tourist arrivals in the country to jump almost four-fold to 9.6 million in 2023 from an estimated 2.5 million a year ago.
Malaysian Prime Minister Anwar Ibrahim said the government will work to gradually reduce the national debt and budget deficit, without resorting to raising taxes that hurt the poor.
Malaysia will advance its green agenda through the use of legislative tools and greater transparency, the country's Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad said in his remarks at the February 7 launch of the International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM 2023).
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
Malaysia's retail trade rose 22.7% to 59.5 billion RM while wholesale trade was up 4.7% to 60.3 billion RM in December 2022.(Photo: thestar.com.my) 
