Petaling Jaya: Malaysia’s total trade ended 2024 at a higher level with double-digit growth in exports and imports.
rising from RM2.6 trillion to RM2.9 trillion in 2023, indicating a strong economic foundation.
The stellar performance highlights Malaysia’s growing role in global trade and its resilient economy, setting a solid platform for continued growth and new opportunities this year.
In December 2024, exports increased by 16.9% or RM20.1 billion to RM138.5 billion, and imports increased by 11.9% or RM12.7 billion to RM119.3 billion. The trade surplus increased by 62.3% to RM19.2 billion in December 2024, the 56th consecutive month of surplus since May 2020, according to the Malaysia External Trade Statistics Bulletin, December 2024.
Malaysia’s chief statistician Datuk Seri Dr Mohd Uzir Mahidin said exports increased in December 2024 in line with growth in domestic exports and re-exports. Domestic exports (79.6% of total exports) increased by 13.3% to RM110.2 billion and re-exports (20.4% of total exports) increased by 33.5% compared to December 2023, valued at RM28.3 billion.
Compared to November 2024, exports, imports, total trade and trade balance improved by 9.7%, 7.3%, 8.5% and 27.4% respectively.
Mohd Uzir said the higher exports were mainly attributable to Singapore (+RM6.9 billion), followed by the United States (+RM4.3 billion), Taiwan (+RM2.6 billion), Hong Kong (+RM2. 5 billion). China (+RM1.7 billion), Australia (+RM1.1 billion) and India (+RM991.5 million).
Higher imports were mainly contributed by China (+RM4.2 billion), followed by the United States (+RM3.5 billion), Taiwan (+RM2.6 billion), the European Union (+RM1.9 billion). , Singapore (+RM1.7 billion), Indonesia (+RM1.7 billion) and Angola (+RM759.6 million).
On exports, Mohd Uzir said the increase was in line with growth in electrical and electronic products (+RM12.8 billion); palm oil and palm-based agricultural products (+RM1.9 billion); Other Manufacturers (+RM1.3 billion); metal manufacturing (+RM1.2 billion); Machinery, equipment and parts (+RM912.7 million); and petroleum products (+RM763.5 million).
The increase in imports was due to electrical and electronic products (+RM10.2 billion); machinery, equipment and parts (+RM2.6 billion); other agriculture (+RM684.3 million); Others (+RM598.5 million); other vegetable oils (+RM435.6 million); and textiles, apparel and footwear (+RM377.1 million).
Mohammad Uzir highlighted the increase in imports by end use which was in line with higher demand for capital goods, intermediate goods and consumption goods.
Imports of capital goods (14.6% of total imports) increased by 41.5% or RM5.1 billion to a value of RM17.4 billion. Imports of intermediate goods worth RM60.9 billion (51% of total imports) recorded an increase of 1.4% or RM853.1 million compared to December 2023. Consumption goods (8.6% of total imports) increased by 11.9% or RM1.1 billion to reach RM10.3 billion.
Growth in total trade, exports and imports recorded for 2024. Total trade increased by 9.2% to RM2.9 trillion from RM2.6 trillion, in line with growth in exports (+5.7%) as well as imports (+13.2%). In contrast, the trade surplus declined by 36.4% compared to 2023 to a value of RM136.9 billion.
