Malaysia External Trade Development Corporation

MALAYSIA'S TRADE SURPLUS REBOUNDS IN NOVEMBER 2024, RECORDING THE HIGHEST VALUE SINCE OCTOBER 2023^#

Trade Registers the Highest Periodic Value for the First 11 Months of 2024

Malaysia’s trade performance remained robust and steady, demonstrating consistent growth in the 11 months of 2024. Trade for January to November 2024 posted the highest value ever for the period, expanding by 8.7% to RM2.621 trillion compared to the same period in 2023. Exports increased by 4.7% to RM1.369 trillion and imports expanded by 13.3% to RM1.252 trillion, resulting in a trade surplus of RM117.94 billion. This positions the country on track to meet the Ministry of Finance’s (MOF) growth forecast for trade, exports and imports in 2024, which are set at 9.4%, 5.6%, and 13.8%, respectively.

Meanwhile, trade in November 2024 recorded the 11^th successive month of year-on-year (y-o-y) growth, expanding by 2.9% to RM237.85 billion. Exports increased for the second consecutive month, growing by 4.1% to RM126.57 billion and imports were higher by 1.6% to RM111.28 billion. Trade surplus recorded double-digit growth, rebounded by 26.3% to RM15.29 billion, the highest value recorded in 14 months since October 2023 and the 55^th successive month of surplus since May 2020.

The strong exports in November 2024 were supported by robust growth in key sectors, notably manufactured and agriculture goods, particularly electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products as well as machinery, equipment and parts. Meanwhile, exports to the United States (US) surged to a new record high, while exports to Taiwan, Province of China (POC) grew significantly, fuelled by rising demand for E&E products notably semiconductor devices and integrated circuits (ICs). The World Semiconductor Trade Statistics (WSTS) Organisation has revised upwards its global semiconductor sales projection for 2024 to 19% (initial estimation: 16%) due to stronger performance in the E&E sector.

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Trade Performance : November 2024 and January - November 2024
Trade Performance : November 2024 and January - November 2024 (Infographic)

Bahasa Melayu
Prestasi Perdagangan : November 2024 dan Januari - November 2024
Prestasi Perdagangan : November 2024 dan Januari - November 2024 (Infografik)

MALAYSIA'S NINE-MONTH TRADE GREW 10.2% YEAR-ON-YEAR, EXCEEDED RM2-TRILLION MARK^#

Trade Remains Buoyant, Contributed Mainly by Exports of Palm Oil-Based Agriculture Products

Malaysia’s trade for January to September 2024 rose 10.2% to RM2.139 trillion, exceeding the RM2 trillion mark within nine months, compared to ten months in 2023. In line with the World Trade Organization’s (WTO) projection that Asia's exports would increase by 7.4% in 2024, Malaysia’s nine-month exports expanded by 5.2% to RM1.115 trillion. Imports rose 16.1% to RM1.024 trillion, resulting in a trade surplus of RM91.21 billion.

In September 2024, Malaysia's trade performance continued its strong momentum, solidifying its upward trend, registering the ninth consecutive month of year-on-year (y-o-y) expansion. Trade increased by 4.7% to RM234.84 billion compared to September 2023 supported mainly by stronger performance of the agriculture sector. Malaysia registered RM124.01 billion of exports, and RM110.83 billion of imports, marking a trade surplus for the 53^rd consecutive month.

Growth in exports were seen for optical and scientific equipment, palm oil and palm oil-based agriculture products as well as machinery, equipment and parts. In terms of markets, significant export growth was registered to the United States (US), the European Union (EU) and Taiwan. In addition, exports to Taiwan reached an all-time high, driven by exports of electrical and electronic (E&E) products particularly semiconductor devices and integrated circuits (ICs).

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Trade Performance : September 2024 and January - September 2024
Trade Performance : September 2024 and January - September 2024 (Infographic)

Bahasa Melayu
Prestasi Perdagangan : September 2024 dan Januari - September 2024
Prestasi Perdagangan : September 2024 dan Januari - September 2024 (Infografik)

Exports Rebounded in October, 54th Straight Month of Surplus

Malaysia’s trade remained resilient and posted the highest periodic value ever, expanding by 9.3% to RM2.383 trillion during the first 10 months of 2024 compared to the same period in 2023. Exports rose 4.8% to RM1.243 trillion and imports increased by 14.6% to RM1.140 trillion, resulting in a trade surplus of RM102.77 billion.

For the month of October 2024, trade marked its 10th consecutive month of year-on-year (y-o-y) growth, rising 2.1% to RM244.26 billion. Exports rebounded by 1.6% to RM128.12 billion, while imports expanded at a more moderate pace of 2.6% to RM116.14 billion, resulting in a trade surplus of RM11.98 billion. This was the 54th straight month of surplus recorded since May 2020.

Export growth in October 2024 was largely supported by strong demand for manufactured goods, which represented 85.4% of total exports. These increased by 1.9% to RM109.46 billion on higher exports of electrical and electronic (E&E) products, rubber products, processed food as well as machinery, equipment and parts. In terms of markets, Malaysia registered growth in exports to the United States (US), the European Union (EU) and Taiwan.

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Trade Performance : October 2024 and January - October 2024

Trade Performance : October 2024 and January - October 2024 (Infographic)

Bahasa Melayu

Prestasi Perdagangan : Oktober 2024 dan Januari - Oktober 2024

Prestasi Perdagangan : Oktober 2024 dan Januari - Oktober 2024 (Infografik)

Fastest Year-on-Year Trade Growth in 22 Months, Resilient Export Performance Contributed by E&E and Palm Oil-Based Products

In August 2024, Malaysia’s trade maintained its stellar performance and continued an upward trajectory with trade, exports and imports registering strong double-digit expansion. Trade increased by 18.6% year-on-year (y-o-y), the fastest rate in 22 months to reach RM252.65 billion. Exports continued its growth momentum for the fifth consecutive month, rising 12.1% to RM129.16 billion and imports expanded by 26.2% to RM123.49 billion, marking the 52nd consecutive month of trade surplus since May 2020.

Export growth in August 2024 was primarily driven by increased demand for electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products, machinery, equipment and parts as well as optical and scientific equipment. Additionally, exports of manufactured goods grew significantly with double-digit expansion.

In terms of markets, exports to all major trading partners namely ASEAN, China, the United States (US), the European Union (EU) and Taiwan recorded expansion. Exports to the US surged to a new record high mainly due to higher demand for E&E products primarily semiconductor devices and integrated circuits (ICs). The World Semiconductor Trade Statistics (WSTS) has forecasted global semiconductor sales to grow by 16% in 2024 led by stronger performance in computing end-markets.

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Trade Performance : August 2024 and January - August 2024

Trade Performance : August 2024 and January - August 2024 (Infographic)

Bahasa Melayu

Prestasi Perdagangan : Ogos 2024 dan Januari - Ogos 2024

Prestasi Perdagangan : Ogos 2024 dan Januari - Ogos 2024 (Infografik)