KUALA LUMPUR, Jan 20 — Malaysia’s trade value surged 9.2 per cent to a record RM2.879 trillion in 2024, surpassing the RM2 trillion mark for the fourth consecutive year.
In a statement today, the Ministry of Investment, Trade and Industry (Miti) reported that exports topped RM1 trillion for the fourth year in a row, rising 5.7 per cent to RM1.508 trillion.
This figure exceeded 87.2 per cent of the export target set for 2025 under the Mid-Term Review of the 12th Malaysia Plan (12MP), it added.
Imports, meanwhile, increased by 13.2 per cent year-on-year to RM1.371 trillion, crossing the RM1 trillion threshold for the third consecutive year.
“This strong performance resulted in a trade surplus of RM136.88 billion, marking 27 consecutive years of surplus since 1998,” the statement read.
Miti highlighted that exports to key partners, including Asean, the United States, the European Union and Taiwan, saw growth, with exports to the US and Taiwan reaching record highs.
Taiwan has officially become Malaysia’s fourth-largest trading partner, reflecting stronger bilateral ties and expanding trade opportunities.
The ministry also noted that free trade agreements (FTAs) have played a crucial role in providing local businesses with wider access to international markets. Exports to FTA markets rebounded in 2024 after a dip in 2023.
Canada was among the countries that recorded export growth, driven by increased demand for electrical and electronic (E&E) products. Exports to Turkey and Mexico hit new record highs, bolstered by rising exports of iron and steel, and chemicals.
A strategy focusing on new markets also contributed to export growth, particularly to countries such as Bangladesh, Costa Rica and Egypt, and notably Kenya, Oman, and Namibia, which posted new record values.
On the product front, export growth in 2024 was fuelled by strong demand for manufactured goods and agricultural products. This included significant increases in E&E goods, machinery, equipment, processed food, and optical and scientific products.
Palm oil and related agricultural products, metal-manufactured goods, and rubber products also contributed to the overall growth.
Exports of E&E goods and machinery both surpassed RM10 billion each.
Despite challenges posed by a tough global economic climate, Miti, alongside the Malaysia External Trade Development Corporation (Matrade), said it remains committed to bolstering international trade as a cornerstone of sustainable long-term economic growth.
The effort will be supported by strategic initiatives outlined in the 12MP, the National Trade Policy (NTBp), and the New Industrial Master Plan 2030 (NIMP 2030), helping the country maintain resilient economic growth in the years ahead, it added.
