Wholesale and retail trade sector surged to a new a new record of RM1.77 trillion in 2024, bolstered by strong consumer spending, increased tourism, and steady economic conditions. The Department of Statistics Malaysia (DOSM) reported that December sales alone reached RM152.2 billion, marking a 5.5% year-on-year growth.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin highlighted that retail and wholesale trade were the key drivers, with wholesale trade rising 5.7% to RM66.5 billion, while retail trade climbed 5.4% to RM65.8 billion. The motor vehicles sub-sector also saw a 6.9% increase to RM19.9 billion.

The retail sector saw a surge due to school holidays, Christmas, and New Year celebrations, alongside the first phase of public sector salary adjustments. Tourist arrivals also played a role, with 2.6 million visitors in December, including 1.1 million from Singapore. Retail sales of automotive fuels rose 6.5% to RM6 billion, reflecting increased travel.

Malaysia's automotive industry reached an all-time high in 2024, selling 816,747 vehicles, surpassing the 800,000 mark for the first time. December alone saw 81,735 vehicle sales, driven by year-end promotions and stock clearance. The EV market also surged, with 21,789 electric vehicles registered last year.

The wholesale and retail trade sector is expected to maintain strong momentum in 2025, supported by steady domestic demand, international tourism, and e-commerce expansion. However, challenges such as inflationary pressures, subsidy rationalisation, and global economic uncertainty could impact growth.