KUCHING: Malaysia’s trade for January to September 2024 rose 10.2 per cent to RM2.139 trillion, exceeding the RM2 trillion mark within nine months, compared to 10 months in 2023.
In line with the World Trade Organisation’s (WTO) projection that Asia’s exports would increase by 7.4 per cent in 2024, the Ministry of Investment, Trade, and Industry, in a statement, said that Malaysia’s nine-month exports expanded by 5.2 per cent to RM1.115 trillion.
According to it, imports rose 16.1 per cent to RM1.024 trillion, resulting in a trade surplus of RM91.21 billion.
It pointed out that in September 2024, Malaysia’s trade performance continued its strong momentum, solidifying its upward trend, registering the ninth consecutive month of year-on-year (y-o-y) expansion.
“Trade increased by 4.7 per cent to RM234.84 billion compared to September 2023 supported mainly by stronger performance of the agriculture sector.
“Malaysia registered RM124.01 billion of exports, and RM110.83 billion of imports, marking a trade surplus for the 53rd consecutive month,” it said.
In light of this, it said that growth in exports were seen for optical and scientific equipment, palm oil and palm oil based agriculture products as well as machinery, equipment and parts.
“In terms of markets, significant export growth was registered to the United States (US), the European Union (EU) and Taiwan.
“In addition, exports to Taiwan reached an all-time high, driven by exports of electrical and electronic (E&E) products, particularly semiconductor devices and integrated circuits (ICs),” it said.
Supported by a robust 5.1 per cent growth in the first half (1H) of 2024, it said that the World Bank has revised Malaysia’s Gross Domestic Product (GDP) growth forecast to 4.9 per cent in 2024 (compared to 4.3 per cent in Apr 2024).
“Meanwhile, the WTO also revised upward the growth of world merchandise trade volume to 2.7 per cent in 2024 (compared 2.6 per cent in Apr 2024), attributed to lower inflation and a more favorable interest rate environment, factors that generally encourage business spending, as well as enhancing real household income and consumer spending.
“This brighter outlook is reflected in Malaysia’s improved macroeconomic indicators, including trade, placing the country on track for sustained and resilient economic growth in the coming years,” it said.
