PETALING JAYA: Malaysia’s trade showed sustained growth in October 2024, with gains in both exports and imports reflecting a positive economic trajectory.
Total trade increased 2.1% to RM244.3 billion last month from RM239.3 billion in October 2023.
The improved performance was driven by growth in exports by 1.6% or RM2 billion and imports by
2.6%, reaching RM116.1 billion. On the contrary, the trade balance fell by 7.6% to RM12 billion in October 2024, the 54th consecutive month of surplus since May 2020.
Chief Statistician Malaysia, Datuk Seri Dr Mohd Uzir Mahidin said Malaysia’s exports increased in line with the rise in domestic exports in October 2024.
Domestic exports (77.6% of total exports), worth RM99.4 billion, were up by 3.1% compared to October 2023 while re-exports (22.4% of total exports) went down by 3.5% to RM28.7 billion. Imports were worth RM116.1 billion, higher by 2.6%.
Compared with September 2024, exports, imports and total trade recorded increases of 3.7%, 4.8% and 4.2%, respectively. On the contrary, the trade balance recorded a decrease of 6.2%.
From the perspective of commodity group, 129 out of 259 export groups and 151 out of 259 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 (+RM4.6 billion), followed by Taiwan (+RM1.9 billion), Singapore (+RM998.3 million), India (+RM921.5 million), Turkiye (+RM757.7 million), the European Union (+RM748 million) and Indonesia (+RM618.3 million).
Higher imports were mainly contributed from the United States (+RM3.1 billion), followed by Taiwan (+RM2.1 billion), Mexico (+RM1.1 billion), Angola (+RM707.4 million), the European Union (+RM399.2 million), Kuwait (+RM274.7 million) and South Africa (+RM244.3 million).
Commenting on exports, Mohd Uzir said the increase was in line with the rise in electrical & electronic products (+RM3.8 billion); other manufactures (+RM991.1 million); palm oil and palm-based agriculture products (+RM785.3 million); rubber products (+RM610.8 million); processed food (+RM554.0 million); machinery, equipment & parts (+RM549.4 million); and palm oil-based manufactured products (+RM487.2 million). In addition, the increase in imports was logged for electrical & electronic products (+RM9 billion); machinery, equipment & parts (+RM2 billion); other agriculture (+RM830.6 million); crude petroleum (+RM547.1 million); liquefied natural gas (+RM523.7 million); and other vegetable oils (+RM249.5 million).
Adding to this, Mohd Uzir said the upsurge in imports by end-use was in accordance with higher demand for intermediate goods and consumption goods. Imports of intermediate goods (53.9% of total imports), valued at RM62.6 billion, registered an increase of 12.3% or RM6.8 billion as compared to October 2023. Consumption goods (8.3% of total imports), grew by 3.0% or RM276.4 million to reach RM9.6 billion.
On the contrary, capital goods (10.6% of total imports) with a value of RM12.4 billion, decreased by 2.7% or RM344.2 million.
Total trade, exports and imports for the period of January to October 2024 registered an increase. Total trade grew by 9.3%, from RM2.2 trillion to RM2.4 trillion, in line with the rise in exports (+4.8%) as well as imports (+14.6%).
Meanwhile, the trade surplus decreased by 46.3% compared to the same period in 2023, with a value of RM102.8 billion.
