Malaysia’s January-July 2024 trade grew by 9.8% year-on-year (y-o-y) to hit 1.652 trillion RM (373 billion USD), the highest value recorded for the period, said the Ministry of Investment, Trade and Industry (Miti).
In a statement on August 19, the ministry said exports increased by 5.1% to 862.23 billion RM and imports by 15.5% to 789.71 billion RM during the seven months, resulting in a trade surplus of 72.52 billion RM.
The export of manufactured goods expanded by 4.8% y-o-y to 735.76 billion RM owing to solid exports of machinery, equipment and parts, iron and steel products as well as manufactures of metal.
Meanwhile, that of mining goods edged up by 4.3% to 62.85 billion RM, aided by strong exports of crude petroleum and liquefied natural gas (LNG).
The shipment of agricultural goods rose 9.7% to 57.75 billion RM on the back of increased exports of palm oil and palm oil-based agriculture products and natural rubber.
On the performance for July 2024 alone, Miti said trade jumped 18.3% y-o-y, the fastest rate in 21 months. The value reached 255.88 billion RM, the highest since October 2022.
Exports continued their upward trajectory for the fourth consecutive month, expanding by 12.3% to 131.15 billion RM while imports increased by 25.4% to 124.73 billion RM. The trade surplus amounted to 6.42 billion RM, marking the 51st consecutive month of surplus since May 2020, it said.
Miti said export growth was primarily driven by increased demand for palm oil and palm oil-based agriculture products, machinery, equipment and parts, petroleum products, and electrical and electronic (E&E) products.
Exports to major trading partners, namely ASEAN, the US, the EU and Taiwan recorded double-digit growth.
Malaysia’s robust gross domestic product (GDP) growth of 5.9% in the second quarter of 2024, which is set to pave the way for the country to achieve Bank Negara Malaysia’s (BNM) growth forecast of 4%-5% for 2024, will enhance investor confidence and unlock further trade opportunities.