According to data from the Ministry of Investment, Trade and Industry, Malaysia's import and export rebounded to a historical high in 2024, with the total trade amount reaching 2.88 trillion ringgit, representing a year-on-year growth of 9.2%, surpassing the 2 trillion ringgit mark for the fourth consecutive year.
In a statement released today regarding Malaysia's trade performance in 2024, the Ministry stated that exports exceeded 1 trillion ringgit for four consecutive years, growing by 5.7% to 1.51 trillion ringgit, meeting 87.2% of the target set for 2025 in the mid-term review of the 12th Malaysia Plan.
Imports increased by 13.2% year-on-year to 1.371 trillion ringgit, surpassing the 1 trillion ringgit mark for three consecutive years, resulting in a trade surplus of 136.88 billion ringgit, marking the 27th consecutive year of trade surplus since 1998.
Malaysia's major trade partners, including ASEAN, the United States, the European Union, and Taiwan, all showed export growth, with exports to the United States and Taiwan reaching a new high.
Taiwan officially became Malaysia's fourth-largest trading partner, reflecting enhanced bilateral relations and growing trade opportunities.
In addition, exports to Free Trade Agreement (FTA) markets also grew in 2024, reversing the export decline in 2023, especially to Canada, Turkey, and Mexico.
“Canada is a destination for export growth, mainly driven by the increased demand for electronic and electrical (E&E) products, while exports to Turkey and Mexico surged to new highs due to the growth in exports of iron and steel products, chemicals, and chemical products.”
The Ministry mentioned that exports to Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, and Libya grew, while exports to Kenya, Oman, and Namibia reached new highs.
Last year, exports of electronic and electrical products, as well as machinery, equipment, and parts, each increased by over 10 billion ringgit.
Export Growth Reaches 16.9%
Additionally, the statement mentioned that trade in December 2024 showed year-on-year growth for 12 consecutive months, achieving double-digit growth of 14.6%, reaching 257.86 billion ringgit.
“Exports grew 16.9% to 138.52 billion ringgit, imports grew 11.9% to 119.34 billion ringgit, with a trade surplus of 19.18 billion ringgit, marking the 56th month of surplus since May 2020 and the highest surplus since October 2023.”
Exports and imports in December last year achieved monthly new highs, growing by 9.7% and 7.3% respectively, with trade growing by 8.5%, leading to a smooth trade growth of 27.4%.
In December 2024, manufacturing exports accounted for 84.6% of total exports, growing year-on-year by 18.5% to 117.21 billion ringgit, mainly benefiting from the growth in exports of electronic and electrical products, manufactured metal products, and machinery, equipment, and parts.
Despite the challenging global economic environment, the Ministry and the Malaysia External Trade Development Corporation (MATRADE) are committed to strengthening international trade as a cornerstone for supporting long-term economic growth.
“This will be supported through strategic initiatives in the 12th Malaysia Plan, the National Trade Blueprint (NTBp), and the New Industrial Master Plan 2030 (NIMP).”