Malaysia's Trade Records 10.2% Jump, Exceeds RM2 Trillion Mark In First Nine Months Of 2024

Malaysia's trade from January to September 2024 rose 10.2% to RM2.139 trillion, surpassing the RM2 trillion threshold in just nine months, compared to 10 months in 2023, said the Ministry of Investment, Trade and Industry (MITI).

According to the World Trade Organisation's forecast, Asia's exports are expected to rise by 7.4% in 2024.

In line with this, Malaysia's exports over the first nine months of the year grew by 5.2%, reaching RM1.115 trillion. In contrast, imports increased by 16.1% to RM1.024 trillion, resulting in a trade surplus of RM91.21 billion.

“In September 2024, Malaysia's trade performance continued its strong momentum, solidifying its upward trend by registering nine consecutive months of year-on-year expansion,” the ministry said in a statement. 

Trade increased by 4.7% to RM234.84 billion in September 2024, compared to the same month last year, supported mainly by stronger performance of the agriculture sector. 

During the month, Malaysia registered RM124.01 billion of exports, and RM110.83 billion of imports, marking a trade surplus for the 53rd consecutive month.

MITI said growth in exports was seen for optical and scientific equipment, palm oil and palm oil-based agriculture products, as well as machinery, equipment and parts. 

In terms of markets, significant export growth was registered to the United States and the European Union.