Malaysia's trade for January to November 2024 posted the highest value ever for the period, expanding by 8.7% to RM2.621 trillion compared to the same period in 2023. Exports increased by 4.7% to RM1.369 trillion and imports expanded by 13.3% to RM1.252 trillion, resulting in a trade surplus of RM117.94 billion.
Ministry of International Trade and Investment which released the data said the figure positions the country on track to meet the Ministry of Finance's (MOF) growth forecast for trade, exports and imports in 2024, which are set at 9.4%, 5.6%, and 13.8%, respectively.
Meanwhile, trade in November 2024 recorded the 11th successive month of year-on- year (y-o-y) growth, expanding by 2.9% to RM237.85 billion. Exports increased for the second consecutive month, growing by 4.1% to RM126.57 billion and imports were higher by 1.6% to RM111.28 billion. Trade surplus recorded double-digit growth, rebounded by 26.3% to RM15.29 billion, the highest value recorded in 14 months since October 2023 and the 55th successive month of surplus since May 2020.
The strong exports in November 2024 were supported by robust growth in key sectors, notably manufactured and agriculture goods, particularly electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products as well as machinery, equipment and parts. Meanwhile, exports to the United States (US) surged to a new record high, while exports to Taiwan, Province of China (POC) grew significantly, fuelled by rising demand for E&E products notably semiconductor devices and integrated circuits (ICs). The World Semiconductor Trade Statistics (WSTS) Organisation has revised upwards its global semiconductor sales projection for 2024 to 19% (initial estimation: 16%) due to stronger performance in the E&E sector.
While there have been positive developments in the nation's export performance, MITI and MATRADE are committed to further boosting export growth by proactively intensifying promotional efforts and exploring new markets for the success of Malaysian
exports.
