Perbadanan Pembangunan Perdagangan Luar Malaysia

MALAYSIA’S 2024 TRADE INCREASED 9.2% YEAR-ON-YEAR, RECORDING THE HIGHEST VALUE EVER AT RM2.879 TRILLION#

Outstanding Trade Performance in 2024, Setting New Record Highs

Malaysia’s trade performance in 2024 continued to deliver outstanding performance, recording another milestone with trade reaching new heights. Trade, exports and imports rebounded in 2024 with trade amounting to RM2.879 trillion, an increase of 9.2% year-on- year (y-o-y), surpassing the RM2 trillion mark for four consecutive years. Similarly, exports exceeded RM1 trillion for four consecutive years, rising 5.7% to RM1.508 trillion. This achievement accounted for 87.2% of the target set for 2025 exports under the Mid-term Review of the Twelfth Malaysia Plan (RMKe-12). Meanwhile, imports were up by 13.2% y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year. This exceptional performance has resulted in a trade surplus of RM136.88 billion, for the 27th consecutive year since 1998.

Exports to major trading partners, namely ASEAN, the United States (US), the European Union (EU) and Taiwan increased, with exports to the US and Taiwan reaching an all-time high. Taiwan officially became Malaysia's fourth largest trading partner, reflecting the strengthening bilateral trade partnerships and growing trade opportunities.

Notably, Free Trade Agreements (FTAs) have played a pivotal role in providing local businesses with greater access to international markets. Exports to FTA markets expanded this year, reversing the contraction seen in 2023. Canada was one of those export destinations which recorded growth, driven by higher demand for electrical and electronic (E&E) products, while exports to Turkiye and Mexico soared to a new record high, fuelled by the increased shipments of iron and steel products as well as chemicals and chemical products, respectively.

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Trade Performance : December 2024 and January - December 2024

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

Bahasa Melayu

Prestasi Perdagangan : Disember 2024 dan Januari - Disember 2024

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

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)

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)

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)

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)

TRADE AND EXPORTS POSTED STRONG DOUBLE-DIGIT GROWTH ^#

January-July Trade Reached RM1.652 trillion, Record Highest for the Period. July 2024’s 18.3% Trade Growth was Fastest in 21 Months, Signalling Strong Recovery for 2024

Malaysia's trade remained robust in July 2024, growing by 18.3% year-on-year (y-o-y), the fastest rate in 21 months. In terms of value, it reached RM255.88 billion, marking the highest trade value since October 2022. Exports continued its upward trajectory for the fourth consecutive month, expanding by 12.3% to RM131.15 billion while imports increased by 25.4% to RM124.73 billion. The trade surplus amounted to RM6.42 billion, marking the 51^st consecutive month of surplus since May 2020.

Export growth was primarily driven by increased demand for palm oil and palm oil-based agriculture products, machinery, equipment and parts, petroleum products as well as electrical and electronic (E&E) products. In terms of markets, exports to major trading partners namely ASEAN, the United States (US), the European Union (EU) and Taiwan recorded double-digit growth.

Compared to June 2024, trade, exports and imports grew by 7.6%, 4.1% and 11.6%, respectively.

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

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

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)

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)

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)

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)

MALAYSIA’S IMPROVED TRADE NUMBERS FOR JANUARY-FEBRUARY REFLECT 2024 GLOBAL TRADE'S RECOVERY OUTLOOK

Sustained Trade Growth in the First Two Months of 2024 Pave Way for Malaysia’s Trade Recovery

Malaysia’s trade performance continued its positive trend in February 2024, growing by 3.3% to RM211.79 billion year-on-year (y-o-y). Exports reduced slightly by 0.8% to RM111.33 billion while imports rose by 8.4% to RM100.46 billion. Trade registered growth for the second consecutive month this year, and also delivered the highest monthly value for the month of February in Malaysia’s trade history. Trade surplus was valued at RM10.87 billion, marking the 46th consecutive month of surplus since May 2020.

The country’s trade performance continued its upward trajectory for the first two months of 2024, registering 8.3% growth to RM446.43 billion year-on-year (y-o-y). Exports increased by 3.9% to RM233.74 billion, contributed by a 3.4% increase in manufactured goods to RM196.75 billion y-o-y. This was driven by higher exports of iron and steel products, machinery, equipment and parts as well as petroleum products. Imports, on the other hand, climbed 13.6% to RM212.69 billion, providing a trade surplus of RM21.04 billion. Compared to January 2024, trade surplus expanded by 6.9% for February 2024.

Global trade is expected to recover in 2024. The World Trade Organization (WTO) has forecast 3.3% growth in merchandise trade in 2024, while the International Monetary Fund (IMF) has forecast global trade to grow by 3.3%. The IMF is also expecting global Gross Domestic Product (GDP) to grow by 3.1%. These figures will be contributed by better growth prospects for the world's two largest economies, the United States (US) and China, Malaysia’s two top trading partners by country. This improved global outlook would also be supported by stronger private and public spending, as well as increased labour force participation, improved supply chains and cheaper energy and commodity prices.

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Trade Performance : February 2024 and January - February 2024

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

Bahasa Melayu

Prestasi Perdagangan : Februari 2024 dan Januari - Februari 2024

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

Trade, Exports and Imports Rebounded in January 

Malaysia’s trade in January 2024 rebounded with a double-digit expansion by 13.3% to RM234.73 billion after registering 10^th consecutive month of year-on-year (y-o-y) contraction. Exports edged up by 8.7% to RM122.43 billion and imports increased by 18.8% to RM112.3 billion. This was also the highest monthly value recorded for the month of January. Meanwhile, trade surplus amounted to RM10.12 billion and marked the 45^th consecutive month of trade surplus since May 2020.

The export growth was boosted by higher shipments of petroleum products, machinery, equipment and parts, iron and steel products as well as manufactures of metal. Exports to major trading partners namely ASEAN, the United States (US), the European Union (EU) and Japan recorded expansion.

Compared to December 2023, trade, exports and imports increased by 4.3%, 3.4%, and 5.3%, respectively while trade surplus contracted by 13.8%.

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Trade Performance : January 2024
Trade Performance : January 2024 (Infographic)

Bahasa Melayu:
Prestasi Perdagangan : Januari 2024
Prestasi Perdagangan : Januari 2024 (Infografik)