Malaysia Trade Trends August 2024

According to data released by the Ministry of Investment, Trade and Industry, Malaysia’s international trade in the first eight months of 2024 grew by 18.6 per cent, with exports up by 12.1 per cent and imports increasing by 26.2 per cent.

The growth in exports was mainly driven by increased demand for electrical and electronic products, palm oil and palm oil-based agricultural products, machinery, equipment, and parts, as well as optical and scientific equipment. Additionally, exports reached a new record high, primarily due to higher demand for semiconductor devices and integrated circuits (ICs).

Malaysia’s main export markets were ASEAN, China, the United States, and the European Union.

In its latest outlook, the International Monetary Fund estimated Malaysia GDP growth rate to be 4.4 per cent in 2024 and 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.