MALAYSIA'S MARCH 2025 EXPORTS RECORD HIGHEST MONTHLY VALUE FOR MARCH#

Trade Surplus in March 2025 Nearly Doubled Year-On-Year, Marking a 21-Month High

Malaysia’s trade continued its positive momentum in March 2025, marking the 15th consecutive month of year-on-year (y-o-y) growth since January 2024. Trade rose 2.2% to RM249.89 billion, the highest value ever registered for the month of March. This performance was underpinned by a 6.8% increase in exports to RM137.31 billion, also a record high for March, while imports declined by 2.8% to RM112.59 billion. Trade surplus grew by 94.4% from March last year to reach RM24.72 billion, the highest value recorded since June 2023. This was the 59th consecutive month of surplus since May 2020.

The rise in exports was primarily supported by higher demand for manufactured goods, notably electrical and electronic (E&E) products which recorded the highest monthly value thus far, with an expansion of more than RM12 billion y-o-y. Agriculture goods, particularly palm oil and palm oil-based agriculture products, also contributed to the increase in exports.

In terms of markets, exports to major trading partners namely ASEAN, the United States (US), the European Union (EU) and Taiwan, posted expansion with exports to the US soaring to a new record high. Similarly, higher exports were seen to Free Trade Agreement (FTA) partners such as Hong Kong SAR, Turkiye, Canada and Chile.

On a month-on-month (m-o-m) basis, trade and exports in March 2025 recorded doubledigit growth, with trade recording an increase of 11.6% and exports, 16.1%. Imports, on the other hand, rose 6.6%.

For the period of January to March 2025, Malaysia recorded the highest values for first quarter (Q1) trade, exports and imports. Trade for Q1 2025 grew by 3.6% y-o-y to RM715.73 billion. Exports expanded by 4.4% to RM378.36 billion and imports rose 2.8% to RM337.37 billion. Meanwhile, trade surplus recorded double-digit expansion of 20.1% to RM41 billion.

Despite the US tariff-induced uncertainties in the global trading environment, Bank Negara Malaysia (BNM) has maintained its projected Gross Domestic Product (GDP) of 4.5% to 5.5% in 2025 (2024: 5.1%). For now, exports for 2025 are anticipated to grow by 5.2% (2024: ↑5.7%). Moving forward, however, there is a need for caution given the uncertainties of global demands, which may temper growth in investments and domestic demand.

As a small, open trading nation, Malaysia is inevitably exposed to heightened external uncertainties in the global trading landscape. Considering this, MITI and its key exportfocused agency, MATRADE, will continue to closely monitor global trends to safeguard the nation’s economic interests and sustain trade growth.

Export Performance of Major Sectors     

Robust Demand Drives E&E Exports to All-Time High

In March 2025, exports of manufactured goods which made up 86.9% of total exports rose for the sixth consecutive month, increased by 8.9% y-o-y to RM119.3 billion. The expansion was led by strong demand for E&E products, machinery, equipment and parts as well as processed food. Notably, exports of these products reached their highest values thus far.

Exports of mining goods (6.4% share) in March 2025 decreased by 16.6% y-o-y to RM8.72 billion owing to lower exports of crude petroleum and liquefied natural gas (LNG), following lower export volumes and prices.

Exports of agriculture goods (6% share) in March 2025 expanded by 5.4% y-o-y to RM8.2 billion, the 12^th consecutive month of expansion. This was supported by higher export prices of palm oil and palm oil-based agriculture products.

Major exports in March 2025:  

• E&E products, valued at RM62.18 billion and accounted for 45.3% of total exports, increased by 25.1% compared to March 2024;
• Petroleum products, RM7.5 billion, 5.5% of total exports, ↓32.5%;
• Machinery, equipment and parts, RM7.17 billion, 5.2% of total exports, ↑12.3%;
• Chemicals and chemical products, RM5.99 billion, 4.4% of total exports, ↓4.9%; and
• Palm oil and palm oil-based agriculture products, RM5.8 billion, 4.2% of total exports, ↑3.3%.

On a m-o-m basis, exports of manufactured and mining goods recorded double-digit expansion of 17.8% and 20.6% respectively, while exports of agriculture goods shrank 5.2%.

In Q1 of 2025, exports of manufactured goods expanded by 6% to RM324.73 billion compared to Q1 of 2024 on the back of growing exports of E&E products, machinery, equipment and parts as well as palm oil-based manufactured products. Exports of agriculture goods posted double-digit growth of 13.9% to RM25.97 billion underpinned by higher exports of palm oil and palm oil-based agriculture products. On the contrary, exports of mining goods fell 20.9% to RM24.48 billion attributed to lower exports of crude petroleum and LNG.

Trade Performance with Major Markets   

In March 2025, Malaysia’s trade with major trading partners namely ASEAN, China, the US, the EU and Taiwan accounted for 69.4% share of Malaysia’s total trade.

ASEAN – E&E Products Drives Export Expansion

In March 2025, trade with ASEAN which took up 25.7% of Malaysia’s total trade declined by 1.5% y-o-y to RM64.22 billion. Exports expanded for two months in a row, edged up by 0.7% to RM37.87 billion bolstered by robust exports of E&E products. Imports from ASEAN reduced by 4.4% to RM26.35 billion.

Breakdown of exports to ASEAN countries: 

Exports to major markets in ASEAN that recorded increases were to Singapore, which expanded by RM1.87 billion y-o-y and Thailand, which rose RM266.3 million, due to higher exports of E&E products. Meanwhile, exports to the Philippines were higher by RM498.7 million, owing to robust exports of palm oil and palm oil-based agriculture products.

Compared to February 2025, trade, exports and imports grew by 7.6%, 9.5% and 5% respectively.

For the period of January to March 2025, trade with ASEAN edged up by 0.2% to RM186.06 billion compared to the same period in 2024. Exports were up by 2.2% to RM109.24 billion on solid exports of E&E products. Imports from ASEAN were down by 2.5% to RM76.81 billion.

China – Trade Records Expansion

In March 2025, trade with China which contributed 16.4% to Malaysia’s total trade rose 5.3% y-o-y to RM41.01 billion. Exports to China contracted by 1.3% to RM16.12 billion as a result of lower exports of manufactures of metal, LNG as well as paper and pulp products. Nevertheless, the drop was cushioned by greater exports of E&E products, petroleum products as well as petroleum condensates and other petroleum oil. Imports from China grew by 10.1% to RM24.89 billion. 

Compared to February 2025, trade, exports and imports registered double-digit expansion of 15.9%, 22.7% and 11.9%, respectively.

Trade with China in Q1 of 2025 climbed 4.9% to RM117.82 billion compared to the same period in 2024. Exports weakened by 4.3% to RM42.58 billion on the back of lower exports of LNG. Meanwhile, increases were recorded for exports of E&E products, palm oil-based manufactured products as well as machinery, equipment and parts. Imports from China grew by 11% to RM75.24 billion.

The US – Highest Export Value Ever

Trade with the US made up 12.4% of Malaysia’s total trade in March 2025, expanding by 31.8% y-o-y to RM31.07 billion. Exports soared to a new record high, rose 50.8% to RM22.66 billion buoyed by solid exports of E&E products. Imports from the US contracted by 1.6% to RM8.41 billion.

On a m-o-m basis, trade and exports posted double-digit growth of 13.5% and 29.5%, respectively while imports declined by 14.8%.

For the period of January to March 2025, trade with the US was up by 29.9% to RM86.92 billion compared to the same period in 2024. While strong demand for E&E products spurred export growth to the US by 36.5% to RM57.42 billion, increases were also seen for exports of machinery, equipment and parts as well as rubber products. Imports from the US expanded by 18.8% to RM29.51 billion.

The EU – Trade and Exports Expanded

In March 2025, trade with the EU which absorbed 7.6% of Malaysia’s total trade grew by 5.1% y-o-y to RM19.11 billion. Export expansion was recorded for the second month in a row, registering double-digit growth of 10.6% to RM10.89 billion, supported by higher demand for E&E products, manufactures of metal as well as palm oil-based manufactured products. Imports from the EU shrank 1.3% to RM8.23 billion. 

Within the EU, the top 10 markets which accounted for 91.6% of Malaysia’s total exports to the region were:

Exports to rose RM495.2 million, on solid exports of E&E products and exports to expanded by RM59.6 million, supported by higher exports of optical and scientific equipment. Additionally, exports to climbed RM158.1 million boosted by higher exports of iron and steel products. 

Compared to February 2025, trade, exports and imports registered double-digit growth of 14.4%, 15.1% and 13.4%, respectively. 

For Q1 of 2025, trade with the EU climbed 1.2% to RM52.96 billion compared to the corresponding period in 2024. Exports increased by 5.1% to RM30.04 billion contributed by strong exports of E&E products and palm oil-based manufactured products. Imports from the EU contracted by 3.5% to RM22.92 billion.

Taiwan – Exports Recorded Double-digit Expansion

In March 2025, trade with Taiwan which comprised 7.2% of Malaysia’s total trade edged down by 0.2% y-o-y to RM18.04 billion. Exports surged by 31% to RM6.94 billion, attributed to higher demand for E&E products, optical and scientific equipment as well as LNG. Imports from Taiwan weakened by 13.1% to RM11.1 billion.

On a m-o-m basis, trade, exports and imports posted double-digit growth of 26.7%, 37.5% and 20.7%, respectively.

For the period of January to March 2025, trade with Taiwan climbed 24.7% to RM52.73 billion compared to the same period in 2024. Exports grew by 21.6% to RM17.52 billion, due to strong exports of E&E products, optical and scientific equipment as well as machinery, equipment and parts. Imports from Taiwan climbed 26.3% to RM35.21 billion.

Trade with FTA Partners   

In March 2025, trade with FTA partners which made up 63.4% of Malaysia’s total trade slipped marginally by 0.7% y-o-y to RM158.47 billion. Exports to FTA partners contracted by 1.1% to RM87.35 billion and imports edged down by 0.3% to RM71.12 billion. 

Despite lower overall exports to FTA partners, increases in exports were recorded to Hong Kong SAR, which expanded by 25.9% to RM9.3 billion, fuelled by higher exports of E&E products, as well as Canada which surged by 30.3% to RM604.3 million, due to strong exports of iron and steel products. 

Meanwhile, exports to Turkiye rose 17.5% to RM1.77 billion buoyed by robust exports of palm oil and palm oil-based agriculture products and exports to Chile were up by 8.6% to RM52.1 million following higher demand for palm oil-based manufactured products.

Compared to February 2025, trade, exports and imports expanded by 11.1%, 13% and 8.9%, respectively.

Trade with FTA partners during the first three months of 2025 decreased marginally by 0.4% to RM454.02 billion compared to the corresponding period in 2024. Exports were down by 0.9% to RM246.03 billion while imports rose 0.1% to RM208 billion.

Import Performance 

Total imports in March 2025 declined by 2.8% y-o-y to RM112.59 billion. The three main categories of imports by end use, which accounted for 72.6% of total imports were: 

• Intermediate goods, valued at RM58.96 billion or 52.4% of total imports, declined by 0.6%, due to lower imports of primary fuel and lubricants;

• Capital goods, valued at RM13.07 billion or 11.6% of total imports, reduced by 19.2%, as a result of lower imports of non-transport capital goods; and

• Consumption goods, valued at RM9.73 billion or 8.6% of total imports, grew by 3.6%, driven by higher imports of durables.  

Compared to February 2025, imports expanded by 6.6%. Imports of intermediate goods and consumption goods were up by 0.5% and 7.4%, respectively while imports of capital goods dropped by 5.4%.

During the period of January to March 2025, imports expanded by 2.8% to RM337.37 billion compared to the same period last year. Imports of intermediate goods edged up by 2.8% to RM178.38 billion, while capital goods grew by 16.8% to RM46.82 billion and consumption goods rose 2.5% to RM28.84 billion.