Malaysia External Trade Development Corporation

THE HIGHEST EVER FIRST HALF TRADE VALUE ^#

Highest Trade Value in the First Half of 2024 Driven by Strong Trade, Exports and Imports in June

Malaysia’s trade maintained its upward trajectory, growing consistently since January 2024 and recording an 8.7% year-on-year (y-o-y) expansion in June 2024 to RM237.81 billion. Exports registered the third consecutive month of growth, increased by 1.7% to RM126.05 billion while imports rose 17.8% to RM111.76 billion. Trade surplus amounted to RM14.29 billion, the 50^th consecutive month of surplus registered since May 2020.

Export growth was contributed mainly by higher demand for machinery, equipment and parts, liquefied natural gas (LNG) as well as palm oil based manufactured products. In term of markets, export expansion was posted to major trading partners notably ASEAN, the United States (US) and Taiwan. Exports to the US and Taiwan grew significantly with double-digit expansion.

For the first half (1H) of 2024, trade increased by 8.4% to RM1.396 trillion compared to the corresponding period in 2023. Exports rose 3.9% to RM731.11 billion and imports by 13.8% to RM664.99 billion. Trade surplus of RM66.12 billion was posted for the period. Trade recorded the highest periodic values thus far.

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

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

April Trade Up 12.1%, Exports Rebounded 9.1% Year-on-Year, Signalling Stronger Recovery in Global Trade for 2024

Malaysia’s trade continued its strong performance and maintained an upward trajectory in April 2024, recording double-digit growth of 12.1% to RM221.74 billion compared to April 2023. This was the fourth consecutive month of year-on-year (y-o-y) expansion.

In line with the global trade recovery, exports in April 2024 rebounded by 9.1% y-o-y to RM114.72 billion after two consecutive months of contraction. The growth was contributed mainly by higher exports of machinery, equipment and parts, chemicals and chemical products, crude petroleum, palm oil and palm oil-based agriculture products as well as iron and steel products. In terms of markets, exports to ASEAN, the United States (US) and the European Union (EU) recorded double-digit growth while exports to the People’s Republic of China (China) rebounded from negative growth recorded in the previous month. This reflects the growing economic recovery in Malaysia’s key export markets.

Imports in April 2024 grew by 15.6% y-o-y to RM107.02 billion, contributed by strong imports of intermediate goods used mainly for the manufacturing of products for exports.  For the 48th consecutive month since May 2020, Malaysia experienced a trade surplus of RM7.7 billion.

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Trade Performance : April 2024 and January - April 2024

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

Bahasa Melayu

Prestasi Perdagangan : April 2024 dan Januari - April 2024

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

Double-Digit Growth Results in the Highest Trade Value Since October 2022, Signalling Firm Trade Recovery for 2024

Malaysia’s trade remained resilient and buoyant in May 2024, recording a double-digit year-on-year (y-o-y) growth of 10.3% to RM246.31 billion. This was the highest value recorded since October 2022 and the fifth consecutive month of y-o-y expansion. Exports increased for the second consecutive month, expanding by 7.3% to RM128.22 billion. Meanwhile, imports grew by 13.8% to RM118.09 billion, resulting in a trade surplus of RM10.14 billion and the 49^th consecutive month of surplus since May 2020.

The growth in exports was contributed mainly by strong exports of electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products, manufactures of metal, optical and scientific equipment as well as iron and steel products. Exports of E&E products sustained positive growth for the second consecutive month. Signs of economic recovery in the nation’s key export markets were seen where exports to major trading partners namely ASEAN, the People’s Republic of China (China), the United States (US), the European Union (EU) and Japan recorded increases. Exports to ASEAN and the US grew significantly with double-digit expansion. Similarly, exports to Free Trade Agreement (FTA) partners increased by 4.5% y-o-y to RM87.64 billion. Among the FTA partners that registered export expansion were Mexico and Canada, driven by higher exports of E&E products.

Trade, exports and imports during the first five months of 2024 recorded the highest periodic values. Trade grew by 8.7% to RM1.158 trillion compared to the corresponding period in 2023. Exports increased by 4.5% to RM605.25 billion and imports were higher by 13.7% to RM553.24 billion. Trade surplus of RM52.01 billion were posted for the period.

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

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

Trade Grew 7.1% Year-on-Year, with FTA Partners Contributing Close to 66% to Malaysia’s Total Trade for First Quarter 2024

For the period of January to March 2024, Malaysia recorded the highest historical first quarter (Q1) trade, export and import values. In line with the recovery in global trade, Malaysia’s Q1 2024 trade performance continued its upward trajectory, recording 7.1% growth to RM690.59 billion year-on-year (y-o-y), with a trade surplus of RM34.22 billion.

Q1 2024 exports increased by 2.2% to RM362.41 billion compared to Q1 2023, on the back of higher exports of manufactured and mining goods. Exports of iron and steel products, machinery, equipment and parts, manufactures of metal, crude petroleum and liquefied natural gas (LNG) recorded notable increases. In terms of markets, growth was supported by increased exports to ASEAN, the United States (US) and Japan. On the other hand, imports recorded double-digit growth of 13.1% to RM328.19 billion due to robust imports of capital and intermediate goods meant for the manufacturing of products for exports.

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

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