Trade Performance : December 2024 and January - December 2024
MALAYSIA’S 2024 TRADE INCREASED 9.2% YEAR-ON-YEAR, RECORDING THE HIGHEST VALUE EVER AT RM2.879 TRILLION#
Outstanding Trade Performance in 2024, Setting New Record Highs
Malaysia’s trade performance in 2024 continued to deliver outstanding performance, recording another milestone with trade reaching new heights. Trade, exports and imports rebounded in 2024 with trade amounting to RM2.879 trillion, an increase of 9.2% year-on- year (y-o-y), surpassing the RM2 trillion mark for four consecutive years. Similarly, exports exceeded RM1 trillion for four consecutive years, rising 5.7% to RM1.508 trillion. This achievement accounted for 87.2% of the target set for 2025 exports under the Mid-term Review of the Twelfth Malaysia Plan (RMKe-12). Meanwhile, imports were up by 13.2% y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year. This exceptional performance has resulted in a trade surplus of RM136.88 billion, for the 27th consecutive year since 1998.
Exports to major trading partners, namely ASEAN, the United States (US), the European Union (EU) and Taiwan increased, with exports to the US and Taiwan reaching an all-time high. Taiwan officially became Malaysia's fourth largest trading partner, reflecting the strengthening bilateral trade partnerships and growing trade opportunities.
Notably, Free Trade Agreements (FTAs) have played a pivotal role in providing local businesses with greater access to international markets. Exports to FTA markets expanded this year, reversing the contraction seen in 2023. Canada was one of those export destinations which recorded growth, driven by higher demand for electrical and electronic (E&E) products, while exports to Turkiye and Mexico soared to a new record high, fuelled by the increased shipments of iron and steel products as well as chemicals and chemical products, respectively.
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Trade Performance : December 2024 and January - December 2024
Trade Performance : December 2024 and January - December 2024 (Infographic)
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Prestasi Perdagangan : Disember 2024 dan Januari - Disember 2024
Prestasi Perdagangan : Disember 2024 dan Januari - Disember 2024 (Infografik)
