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KUALA LUMPUR: Malaysia’s trade in November 2024 recorded the 11th successive month of year-on-year (YoY) growth, expanding by 2.9% to RM237.85bil.
“Exports increased for the second consecutive month, growing by 4.1% to RM126.57bil and imports were higher by 1.6% to RM111.28bil,” the Investment, Trade & Industry Ministry (Miti) said in a statement.
The trade surplus in November 2024 recorded double-digit growth of 26.3%, reaching RM15.29bil, the highest value in 14 months since October 2023, and marking the 55th consecutive month of surplus since May 2020.
Meanwhile, trade from January to November 2024 reached its highest value ever for the period, growing by 8.7% to RM2.621 trillion compared to the same period in 2023.
Exports for the period rose 4.7% to RM1.369 trillion and imports expanded by 13.3% to RM1.252 trillion, resulting in a trade surplus of RM117.94bil.
“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,” Miti said.
Miti said 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.
The ministry noted that exports to the United States reached a record high, while exports to Taiwan grew significantly, driven by higher demand for E&E products, especially semiconductor devices and integrated circuits (ICs).
