Imports of consumption goods in the first five months of this year grew only 1.1 per cent year-on-year, Maybank said. Read more at straitstimes.com.
KUALA LUMPUR - Malaysians are cutting back on imported consumer goods and switching to cheaper, locally-made alternatives due to the weaker ringgit.
“For instance, I used to buy international clothing brands like Zara, but after the rising prices, I have switched to purchasing local brands such as Kree that is 80 per cent cheaper,” said the 41-year-old business owner. Businesses are also curtailing their imports in order to avoid building up unsold inventory, Mr Suhaimi said. But not all sectors can afford to so.
Some businesses have taken the opportunity to offer cheaper local products as substitutes for pricier imported products.Since April, agricultural firm Quantum Springs started a new venture selling napier grass to cattle and goat farmers in Johor as a substitute for imported animal feed. The imported animal feed costs three times more than napier grass.
Perodua sold 15 per cent more cars from January to May than the same period a year ago, while Proton saw car sales boosted by 43.7 per cent.
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