MALAYSIA'S TRADE GROWS 8.7% TO RM237.81 BLN IN JUNE - MITI

Malaysia's trade has maintained its upward trajectory, growing consistently since January 2024, to record an 8.7% year-on-year (y-o-y) expansion in June 2024 to RM237.81 billion, said the Ministry of Investment, Trade and Industry (MITI).

The ministry noted that exports registered the third consecutive month of growth, increasing 1.7% to RM126.05 billion, while imports rose 17.8% to RM111.76 billion.

In addition, trade surplus amounted to RM14.29 billion, the 50th consecutive month of surplus registered since May 2020.

"Export growth was contributed mainly by higher demand for machinery, equipment and parts, liquefied natural gas (LNG) as well as palm oil-based manufactured products.

"In terms of markets, export expansion was posted to major trading partners notably Asean, the United States (US) and Taiwan, China. Exports to the US and Taiwan, China grew significantly with double-digit expansion," it said in a statement.

For the first half (1H) of 2024, MITI said the country's trade increased by 8.4% to RM1.39 trillion compared to the corresponding period in 2023 as exports rose 3.9% to RM731.11 billion and imports grew by 13.8% to RM664.99 billion.

"Trade surplus of RM66.12 billion was posted for the period. Trade recorded the highest periodic values thus far," it added.

In terms of manufactured goods, the ministry said exports of machinery, equipment and parts surged by 22.3% in 1H 2024 to RM33.23 billion primarily for machines and apparatus for the manufacture of semiconductor and parts.

"Exports of palm oil and palm oil-based products rebounded in 1H 2024 with a growth of 4.1% from negative growth recorded in 1H 2023.

"Palm oil exports are projected to remain strong in the second half of 2024, supported by higher demand particularly from India and China," said MITI.