PETALING JAYA: Malaysia’s exports in October 2024 rose 1.6% to RM128.12bil, largely supported by strong demand for manufactured goods.
Imports, meanwhile, grew at a more moderate pace of 2.6% to RM116.14bil.
The trade surplus in October was RM12bil, representing a 54th straight month of surplus recorded since May 2020.
Over the first 10 months of 2024, the country’s trade expanded 9.3% to RM2.38 trillion compared to the same period in 2023.According to the Investment, Trade and Industry Ministry, exports of manufactured goods rebounded 1.9% year-on-year (y-o-y) to RM109.46bil in October from negative growth in the previous month on higher exports of electrical and electronics products, rubber products, processed food as well as machinery, equipment and parts.
Exports of agriculture goods grew 8.9% to RM9.72bil due to strong exports of palm oil and palm-oil based agriculture products following increased export volumes and prices.
Exports of mining goods, meanwhile, decreased 12.1% y-o-y to RM7.73bil on slow exports of crude petroleum resulting from reduced export volumes and prices.
Among Malaysia’s major trading partners, trade with the United States expanded 35.1% y-o-y to RM29.85bil. Shipments to the United States rose 32.5% to RM18.93bil, fuelled by higher shipments of E&E products, while imports surged 39.8% to RM10.91bil.
Trade with Asean countries slipped 4.1% y-o-y to RM61.73bil with the value of exports shrinking 3.1% to RM35.42bil due to reduced exports of petroleum products, crude petroleum as well as chemicals and chemical products. Trade with China, meanwhile, slid RM40.99bil. Exports dropped 6.5% to RM16.05bil due to reduced exports of E&E products.
