PETALING JAYA: Malaysia’s total trade ended 2024 on a high note with double-digit growth in exports and imports,
surging to RM2.9 trillion from RM2.6 trillion in 2023, signalling a stronger economic foundation..
The stellar performance highlights Malaysia’s expanding role in global trade and its resilient economy, setting a solid platform for continued growth and new opportunities this year.
In December 2024, exports increased by 16.9%, or RM20.1 billion, to RM138.5 billion, and imports by 11.9%, or RM12.7 billion, to RM119.3 billion. The trade surplus rocketed by 62.3% to RM19.2 billion in December 2024, the 56th consecutive month of surplus since May 2020, according to Malaysia External Trade Statistics Bulletin, December 2024.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said December 2024 exports increased in line with the rise in domestic exports and re-exports. Domestic exports (79.6% of total exports), grew by 13.3% to RM110.2 billion and re-exports (20.4% of total exports) were up by 33.5% compared with December 2023, worth RM28.3 billion.
Compared with November 2024, exports, imports, total trade and trade balance improved by 9.7%, 7.3%, 8.5% and 27.4%, respectively.
Mohd Uzir said higher exports were attributable mainly to Singapore (+RM6.9 billion), followed by the United States (+RM4.3 billion), Taiwan (+RM2.6 billion), Hong Kong (+RM2.5 billion), China (+RM1.7 billion), Australia (+RM1.1 billion) and India (+RM991.5 million).
Higher imports were mainly contributed from China (+RM4.2 billion), followed by the United States (+RM3.5 billion), Taiwan (+RM2.6 billion), the European Union (+RM1.9 billion), Singapore (+RM1.7 billion), Indonesia (+RM1.7 billion) and Angola (+RM759.6 million).
On exports, Mohd Uzir said the increase was in line with the rise in electrical & electronic products (+RM12.8 billion); palm oil and palm-based agriculture products (+RM1.9 billion); other manufactures (+RM1.3 billion); manufacture of metal (+RM1.2 billion); machinery, equipment & parts (+RM912.7 million); and petroleum products (+RM763.5 million).
The increase in imports was due to electrical & electronic products (+RM10.2 billion); machinery, equipment & parts (+RM2.6 billion); other agriculture (+RM684.3 million); others (+RM598.5 million); other vegetables oil (+RM435.6 million); and textiles, apparels & footwear (+RM377.1 million).
Mohd Uzir highlighted the upsurge in imports by end-use which was in accordance with higher demand for capital goods, intermediate goods and consumption goods.
Imports of capital goods (14.6% of total imports) grew by 41.5% or RM5.1 billion to post a value of RM17.4 billion. Imports of intermediate goods (51% of total imports), valued at RM60.9 billion, registered an increase of 1.4% or RM853.1 million compared with December 2023. Consumption goods (8.6% of total imports), rose by 11.9% or RM1.1 billion to reach RM10.3 billion.
Total trade, exports and imports for 2024 registered increases. Total trade grew by 9.2%, from RM2.6 trillion to RM2.9 trillion, in line with the rise in exports (+5.7%) as well as imports (+13.2%). On the contrary, the trade surplus decreased by 36.4% compared with 2023 to post a value of RM136.9 billion.
