Trade Performance : February 2024 and January - February 2024
MALAYSIA’S IMPROVED TRADE NUMBERS FOR JANUARY-FEBRUARY REFLECT 2024 GLOBAL TRADE'S RECOVERY OUTLOOK
Sustained Trade Growth in the First Two Months of 2024 Pave Way for Malaysia’s Trade Recovery
Malaysia’s trade performance continued its positive trend in February 2024, growing by 3.3% to RM211.79 billion year-on-year (y-o-y). Exports reduced slightly by 0.8% to RM111.33 billion while imports rose by 8.4% to RM100.46 billion. Trade registered growth for the second consecutive month this year, and also delivered the highest monthly value for the month of February in Malaysia’s trade history. Trade surplus was valued at RM10.87 billion, marking the 46th consecutive month of surplus since May 2020.
The country’s trade performance continued its upward trajectory for the first two months of 2024, registering 8.3% growth to RM446.43 billion year-on-year (y-o-y). Exports increased by 3.9% to RM233.74 billion, contributed by a 3.4% increase in manufactured goods to RM196.75 billion y-o-y. This was driven by higher exports of iron and steel products, machinery, equipment and parts as well as petroleum products. Imports, on the other hand, climbed 13.6% to RM212.69 billion, providing a trade surplus of RM21.04 billion. Compared to January 2024, trade surplus expanded by 6.9% for February 2024.
Global trade is expected to recover in 2024. The World Trade Organization (WTO) has forecast 3.3% growth in merchandise trade in 2024, while the International Monetary Fund (IMF) has forecast global trade to grow by 3.3%. The IMF is also expecting global Gross Domestic Product (GDP) to grow by 3.1%. These figures will be contributed by better growth prospects for the world's two largest economies, the United States (US) and China, Malaysia’s two top trading partners by country. This improved global outlook would also be supported by stronger private and public spending, as well as increased labour force participation, improved supply chains and cheaper energy and commodity prices.
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Trade Performance : February 2024 and January - February 2024
Trade Performance : February 2024 and January - February 2024 (Infographic)
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Prestasi Perdagangan : Februari 2024 dan Januari - Februari 2024
Prestasi Perdagangan : Februari 2024 dan Januari - Februari 2024 (Infografik)
