PETALING JAYA: Malaysia’s trade performance in 2024 showed strong momentum, reflecting the country’s adaptability and resilience as a trading nation, according to Department of Statistics, Malaysia.
Total trade rose by RM242.3 billion or 9.2% year-on-year (y-o-y) to a record high of RM2.9 trillion in tandem with increases in exports (5.8%) and imports (13.1%).
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said Malaysia maintained a trade surplus for the 27th consecutive years since 1998, amounting to RM139.1 billion, supported by resilient performance in major export products.
Exports rose by 5.8% from RM1.4 trillion in the preceding year to RM1.5 trillion. The increase was underpinned by domestic exports which increased by 9.4% from RM1.1 trillion to RM1.2 trillion and contributed 80.6% to total exports. On the contrary, re-exports, with a value of RM293.2 billion, shrank by 7.0% or RM21.9 billion compared to 2023.
Imports escalated by RM159.2 billion or 13.1% y-o-y to RM1.4 trillion. Meanwhile, the trade surplus declined by 35.4% or RM76.1 billion from RM215.2 billion in 2023.
Supported by broader expansion, 165 out of 261 commodity groups in exports showed increases compared to the previous year, led by electrical and electronic (E&E) products and vegetable fats & oils (palm oil). As for imports, 191 of 261 commodity groups augmented mainly due to higher imports of E&E products, other machinery & equipment and cocoa.
Mohd Uzir said the upswing in exports was in line with the higher shipments to the United States with a positive growth of 23.3% or RM37.6 billion to RM199.9 billion driven by higher exports of E&E products (+RM18.8 billion); other manufactures (+RM7.1 billion); machinery, equipment & parts (+RM2.2 billion); and rubber products (+RM1.9 billion).
It was followed by Taiwan (+RM23.6 billion or 54.5%), Singapore (+RM11.6 billion 5.3%), India (+RM6.6 billion 14.5%), and Indonesia (+RM3.5 billion 6.9%).
Furthermore, the upsurge in imports was led by higher imports from China with an increase of 14.9% or RM38.4 billion from RM258.1 billion in the preceding year to RM296.5 billion led by strong import of E&E products (+RM18.9 billion), machinery, equipment & parts (+RM9.1 billion); and transport equipment (+RM3.0 billion). It was followed by the United States (+RM37.4 billion, +42.1%); Taiwan (+RM25.3 billion, +30.2%); Singapore (+RM21.7 billion, +15.1%); the European Union (+RM9.2 billion, +9.8%); and Mexico (+RM6.1 billion, +198.6%).
On exports by sector, manufacturing, agriculture, mining and others worth RM1,509.3 billion demonstrated a growth of 5.8% or RM83.1 billion. The rise was attributable by E&E products (+RM26.1 billion, +4.5%); other manufactures (+RM15.4 billion, +34.2%); machinery, equipment & parts (+RM11.8 billion, +20.5%); palm oil & palm-based agriculture products (+RM8.5 billion, +11.9%) as well as manufacture of metal (+RM5.2 billion, +9.2%). Similarly, expansion in imports was recorded for E&E products (+RM99.9 billion, +28.1%); machinery, equipment & parts (+RM24.4 billion, +27.4%); other agriculture (+RM11.6 billion, +25.9%); manufacture of metal (+RM6.2 billion, +9.6%); processed food (+RM3.5 billion, +12.1%); and liquefied natural gas (+RM3.0 billion, +43.0%).
Correspondingly, the uptick in imports by end use was influenced by higher demand for capital goods, consumption goods and intermediate goods. Imports of capital goods, amounting to RM166.1 billion (12.1% of total imports) climbed by 29.0%, resulting from higher imports of capital goods (except transport equipment) (+RM37.4 billion). Imports of consumption goods (8.6% of total imports) registered an increase of 12.8% or RM13.3 billion to RM117.4 billion, as a result of higher imports of food & beverages, process, mainly for household consumption (+RM4.5 billion) and durables good (+RM3.1 billion).
Intermediate goods, worth RM749.2 billion (54.7% of total imports), grew by 20.7% from RM620.6 billion in 2023 driven by higher imports of parts and accessories of capital goods (except transport equipment) (+RM87 billion) and industrial supplies, processed (+RM19.1 billion).
Malaysia’s trade performance in 2024 was in line with regional countries notably China, Japan, South Korea, Taiwan, Thailand, Vietnam, Singapore and Indonesia which recorded positive trade growth.
