Trade Performance : May 2024 and January - May 2024
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 49th 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)
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Prestasi Perdagangan : Mei 2024 dan Januari - Mei 2024
Prestasi Perdagangan : Mei 2024 dan Januari - Mei 2024 (Infografik)
