Malaysia’s trade has maintained its upward trajectory so far this year, growing consistently since January and recording an 8.7% year – on – year (y – o – y) expansion in June to RM237.81 billion.
In disclosing this, Ministry of Investment, Trade and Industry (MITI) said in a statement said that exports registered the third consecutive month of growth, increasing by 1.7% to RM126.05 billion while imports rose 17.8% to RM111.76 billion.
The trade surplus amounted to RM14.29 billion, the 50th consecutive month of surplus registered since May 2020.
MITI attributed export growth mainly to higher demand for machinery, equipment and parts, liquefied natural gas as well as palm oil based manufactured products. In term of markets, export expansion was posted to major trading partners notably ASEAN, the United States and Taiwan. Exports to the US and Taiwan grew significantly with double-digit expansion.
For the first half of 2024 (H1’24), trade increased by 8.4% to RM1.396 trillion compared to the corresponding period in 2023. Exports rose 3.9% to RM731.11 billion and imports by 13.8% to RM664.99 billion.
“A trade surplus of RM66.12 billion was posted for the period. Trade recorded the highest periodic values thus far,” MITI said.
In terms of manufactured goods, exports of machinery, equipment and parts surged by 22.3% in H1’24 to RM33.23 billion primarily for machines and apparatus for the manufacture of semiconductor and parts. This is in line with the projection by Semiconductor Equipment and Materials International that global original equipment manufacturer sales of semiconductor manufacturing equipment to grow by 3.4% in 2024.
Malaysia was ranked the 10th largest global exporter of electrical and electronic products and the sixth largest exporter of semiconductors in 2023.
Exports of palm oil and palm oil – based products rebounded in H1’24 with growth of 4.1% from negative growth recorded in H1’23. Palm oil exports are projected to remain strong in the second half of 2024, supported by higher demand particularly from India and China.
- The Sun Daily