Malaysia's new vehicle market declined by 12.4% to 50,275 vehicle sales in June, compared with 57,362 units in the same month of last year, according to data released by the Malaysian Automotive Association (MAA).
Last month's decline was attributed mainly to the annual Hari Raya Muslim holidays which fall a month earlier every year, and reversed a 12% year on year rise in the previous month.
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Despite the fall in June, the vehicle market looks to have stabilised after declining by 13% to 580,123 units in 2016 following six years of continuous growth.
Sales in the first six months of 2017 increased 3.3% to 284,461 units compared with 275,483 units in the year earlier period.
Economic growth in the country rebounded strongly in the first quarter, to 5.6% from 4.5% in the fourth quarter of 2016, on stronger domestic consumption and export growth. A similar growth rate is estimated for the second quarter.
Vehicle production in the country declined by over 21% year on year to 32,179 units in June and by 2.9% to 255,318 units year to date.
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By GlobalData
