KUALA LUMPUR: Malaysia's trade recorded 8.7 per cent year on year (YoY) expansion in June to RM237.81 billion, growing consistently since January 2024.
The Investment, Trade and Industry Ministry (Miti) said exports registered the third consecutive month of growth, increased by 1.7 per cent to RM126.05 billion while imports rose 17.8 per cent to RM111.76 billion.
"Trade surplus amounted to RM14.29 billion, the 50th consecutive month of surplus registered since May 2020," it said in a statement.
Meanwhile, Miti said export growth was contributed mainly by higher demand for machinery, equipment and parts, liquefied natural gas (LNG) as well as palm oil based manufactured products.
In terms of markets, it said export expansion was posted to major trading partners notably Asean, the United States (US) and Taiwan.
"Exports to the US and Taiwan grew significantly with double-digit expansion," it said.
For the first half (1H) of 2024, trade increased by 8.4 per cent to RM1.396 trillion compared to the corresponding period in 2023.
Exports rose 3.9 per cent to RM731.11 billion and imports
by 13.8 per cent to RM664.99 billion.
"Trade surplus of RM66.12 billion was posted for the period. Trade recorded the highest periodic values thus far," it said.
In terms of manufactured goods, Miti said exports of machinery, equipment and parts surged by 22.3 per cent in the first half of 2024 (1H24) to RM33.23 billion primarily for machines and apparatus for the manufacture of semiconductor and parts.
It said this is in line with the projection by Semiconductor Equipment and Materials International (SEMI) that global original equipment manufacturer (OEM) sales of semiconductor manufacturing equipment to grow by 3.4 per cent in 2024.
"Malaysia was ranked the 10th largest global exporter of electrical and electronics (E&E) products and the 6th largest exporter of semiconductors in 2023," it said.
Exports of palm oil and palm oil-based products rebounded in 1H24 with a growth of 4.1 per cent from negative growth recorded in 1H23.
Palm oil exports are projected to remain strong in the second half (2H) of 2024, supported by higher demand particularly from India and the People's Republic of China (China).