MALAYSIA’S trade performance reached an all-time high in 2024, recording RM2.879 trillion in total trade, an increase of 9.2% compared to the previous year.
The stellar growth marked the fourth consecutive year of surpassing the RM2 trillion mark.
Exports grew by 5.7% to RM1.508 trillion, achieving 87.2% of the 2025 export target under the Twelfth Malaysia Plan's Mid-Term Review.
Imports surged 13.2% year-on-year to RM1.371 trillion, maintaining above RM1 trillion for the third consecutive year. The nation recorded a trade surplus of RM136.88 billion, extending its streak to 27 years.
Deputy Minister of Investment, Trade, and Industry, Datuk Lim Keat Yip, attributed the growth to expanding Free Trade Agreements (FTAs), which enhanced access to international markets.
Exports to ASEAN, the US, and Taiwan hit record levels, with Taiwan emerging as Malaysia’s fourth-largest trading partner.
Manufactured goods led export growth, driven by electronics and electrical (E&E) products, which accounted for RM 601.18 billion.
Agriculture exports also rose, fueled by palm oil, while mining exports dipped slightly despite higher liquefied natural gas shipments.
“Our diversification strategies into emerging markets, including Bangladesh, Kenya, and Oman, reflect Malaysia’s resilience in navigating global economic challenges,” said Lim in a statement from Kuala Lumpur, today.
The Ministry of Investment, Trade, and Industry (MITI) reaffirmed its commitment to economic sustainability, supported by frameworks such as the National Trade Blueprint and the New Industrial Master Plan 2030.
For December 2024, trade expanded by 14.6% year-on-year to RM 257.86 billion, with exports growing 16.9% and imports increasing 11.9%. December’s trade surplus of RM19.18 billion marked the highest since October 2023.
MITI remains optimistic about 2025, projecting trade growth of 4% in line with global trends, with a particular focus on leveraging FTAs and mitigating geopolitical risks. - January 20, 2025
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