Trade Performance : August 2024 and January - August 2024
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)
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Prestasi Perdagangan : Ogos 2024 dan Januari - Ogos 2024
Prestasi Perdagangan : Ogos 2024 dan Januari - Ogos 2024 (Infografik)
