Kuala Lumpur: Exports and imports in Malaysia surged in 2024, reaching a record high trade value of RM2.88 trillion, marking a 9.2 percent increase year-on-year (y-o-y) and surpassing the RM2 trillion mark for the fourth consecutive year, according to the Investment, Trade and Industry Ministry (MITI).
According to BERNAMA News Agency, MITI’s statement highlighted that exports exceeded RM1 trillion for the fourth consecutive year, rising 5.7 percent to RM1.51 trillion. This accounted for 87.2 percent of the 2025 target set under the 12th Malaysia Plan’s (12MP) Mid-term Review. Imports also saw a significant increase, growing by 13.2 percent y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year. This resulted in a trade surplus of RM136.88 billion for the 27th consecutive year since 1998.
The statement noted the increase in exports to major trading partners such as ASEAN, the United States (US), the European Union (EU), and Taiwan, with exports to the US and Taiwan achieving an all-time high. Taiwan officially became Malaysia’s fourth largest trading partner, reflecting the strengthening of bilateral trade partnerships and expanding trade opportunities.
Exports to free trade agreement (FTA) markets expanded in 2024, reversing a contraction seen in 2023. This growth was primarily driven by countries including Canada, Turkiye, and Mexico. Canada showed growth due to higher demand for electrical and electronic (EandE) products, while exports to Turkiye and Mexico reached new record highs, driven by increased shipments of iron and steel products, and chemicals and chemical products, respectively.
The statement also highlighted export growth from countries such as Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya, and notably Kenya, Oman, and Namibia, which reached new record levels. EandE exports, along with machinery, equipment, and parts, saw increases of more than RM10 billion each in 2024.
Despite the challenging global economic landscape, MITI and its trade promotion agency, Malaysia External Trade Development Corporation (MATRADE), remain committed to strengthening international trade as a cornerstone for sustaining long-term economic growth. This commitment will be supported through strategic initiatives outlined in the 12MP, the National Trade Blueprint (NTBp), and the New Industrial Master Plan (NIMP 2030).