Trade continues upward trajectory in April with double-digit expansion

PETALING JAYA: Malaysia’s trade continued its strong performance and maintained an upward trajectory in April 2024, recording double-digit growth of 12.1% to RM221.74bil 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 RM114.72bil after two consecutive months of contraction, according to the Investment, Trade and Industry Ministry.

“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,” it said in a statement yesterday.

Miti said imports in April 2024 grew by 15.6% y-o-y to RM107.02bil, 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 RM7.7bil.

The ministry revealed that the first four months of 2024 recorded the highest values ever for the period for trade, exports and imports, with trade growing by 8.3% to RM912.27bil compared to the corresponding period in 2023.

Exports increased by 3.8% to RM477.05bil and imports were higher by 13.7% to RM435.22bil, resulting in a trade surplus of RM41.83bil. Compared to March 2024, trade, exports, imports and trade surplus in April 2024 were lower by 9.3%, 10.8%, 7.6% and 39.4% respectively. — Bernama

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