Malaysia Trade Trends October 2024

According to data released by the Ministry of Investment, Trade and Industry, Malaysia’s international trade in the first ten months of 2024 grew by 9.3 per cent, with exports up by 4.8 per cent and imports rising by 14.6 per cent.

In October alone, Malaysian trade increased 2.1 per cent, the exports went up 1.6 per cent, while imports grew by 2.6 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).

The main destinations of Malaysian exports were ASEAN, the United States, China and the European Union, collectively representing 68 per cent of total.

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.