PETALING JAYA: Malaysia’s trade performance continued to grow steadily in November 2024, with increases in exports and imports reflecting a stronger economic climate, the Department of Statistics Malaysia reported today.
Total trade increased 2.9% to RM237.8 billion from RM231.1 billion recorded in the previous year, driven by growth in exports by 4.1% to RM126.6 billion and imports by 1.6%, reaching RM111.3 billion.
The trade balance improved by 26.3% to RM15.3 billion in November, the 55th consecutive month of surplus since May 2020.
Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said exports increased in line with the rise in domestic exports in November.
Domestic exports, which made up 83.3% of total exports, rose by 10.3% compared to November 2023, reaching RM105.4 billion. However, re-exports, which account for 16.7% of total exports, fell 18.7% to RM21.2 billion.
Compared to October 2024, exports, imports and total trade narrowed 1.2%, 4.3% and 2.7%, respectively.
On the contrary, the trade balance recorded an improvement of 28.8%.
A segmental breakdown shows 123 out of 259 export groups and 129 out of 258 import groups showed increases compared to the same month of the previous year.
Mohd Uzir said higher exports were attributable mainly to shipments to the United States (+RM7.4 billion), followed by Taiwan (+RM2.5 billion), Kenya (+RM645.2 million), India (+RM497.9 million), Bangladesh (+RM382.4 million), Mexico (+RM265.9 million) and New Zealand (+RM220.9 million).
Higher imports were mainly inbounds from China (+RM2.3 billion), followed by Taiwan (+RM2.1 billion), Mexico (+RM784.5 million), Chad (+RM659.8 million), India (+RM460.6 million), Switzerland (+RM410.8 million) and Cameroon (+RM375.3 million).
Commenting on exports, Mohd Uzir said the increase was in line with the rise in electrical and electronic products (+RM5.6 billion), other manufactures (+RM2.3 billion), palm oil and palm-based agriculture products (+RM1.2 billion), machinery, equipment, and parts (+RM1.2 billion), rubber products (+RM406.3 million), chemical and chemical products (+RM365.6 million), and jewellery (+RM270.2 million).
Imports saw increases in several categories, including electrical and electronic products (+RM6.6 billion), other agricultural products (+RM536.1 million), other vegetable oils (+RM358.1 million), processed food (+RM286.8 million), liquefied natural gas (+RM189.6 million), and other manufactured goods (+RM185.1 million).
Mohd Uzir pointed to the upsurge in imports by end-use, which was in accordance with higher demand for intermediate goods and consumption goods.
Imports of intermediate goods (56.8% of total imports), valued at RM63.3 billion, increased 12.7%, or RM7.1 billion, compared to November 2023. Consumption goods (9.1% of total imports) increased by 3.5%, or RM343.2 million, to RM10.1 billion.
On the contrary, capital goods (11.9% of total imports), valued at RM13.3 billion, decreased by 10%, or RM1.5 billion.
Total trade for the period of January to November 2024 registered an increase of 8.7% from RM2.4 trillion to RM2.6 trillion, in line with the rise in exports (+4.7%) and imports (+13.3%).
On the contrary, the trade surplus decreased by 42% compared to the same period in 2023, with a value of RM117.9 billion.
