Malaysia records trade value of RM2.879 trillion in 2024


KUALA LUMPUR: Malaysia achieved total trade of RM2.879 trillion in 2024, which was a 9.2% increase over the value of shipments in 2023 on the back of continued growth in both exports and imports.

Exports over the year had rallied 5.7% to RM1.508 trillion, which accounted for 87.2% of the target set for 2025 exports under the Mid-Term Review of the 12th Malaysia Plan

Imports climbed 13.2% to RM1.371 trillion, leading to an annual trade surplus of RM136.88bil.

The final tally for the year comes as the Ministry of Investment, Trade and Industry (Miti) released the country's trade data for December 2024.

During the month, Malaysia posted a 16.9% jump in exports to RM138.52bil, ahead of an 11.9% increase in imports to RM119.34bil.

The country recorded a trade surplus of RM19.18bil, its highest in 14 months, and an overall trade value of RM257.86bil, the highest monthly value recorded for December.

According to the Ministry, exports to the US and Taiwan hit all-time highs in 2024, while exports to free trade agreement (FTA) markets returned to an expansion after a period of contraction in 2023.

Taiwan surpassed Japan as Malaysia's fourth largest trading partner after exports there surged 54.4% to RM66.99bil while imports grew 30.2% to RM109.12bil.

"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," it said.

Miti also highlighted the export contributions of diversification strategies targeting emerging markets, particularly to countries such as Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya and notably Kenya, Oman and Namibia, which rose to a new record level.

Manufactured and agriculture products led the strong export performance, with the most growth in electronic and electrical (E&E) products, machinery, equipment and parts, processed food as well as optical and scientific equipment. E&E product exports grew 4.5% to RM601.18bil, marking the highest value ever recorded.

Meanwhile, agriculture goods made a strong recovery with an 11.4% increase over 2023 to RM105.67bil. The increase was fuelled by higher exports of palm oil and palm oil-based agriculture products which grew 11.7% to RM79.22bil following higher export prices and volumes.

On the outlook for 2025, Miti said global vulnerabilities could impact its economic growth, including those arising from prolonged geopolitical tensions, disruption in global supply chains and fluctuations in commodity prices.

"Moreover, anticipation builds leading to the inauguration of the US president-elect with regards to new policies which may affect regional trade," it said.

"As such, Miti and Matrade will remain vigilant to ensure that risks to trade growth are closely monitored and mitigated, particularly through intensified market promotion activities and the expansion into new export markets for Malaysian products."

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trade , export , import , Miti , manufacturing , agriculture , E&E

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