KUALA LUMPUR: Malaysia's trade grew 18.6 per cent in August, its fastest in 22 months, as higher demand for electrical and electronic (E&E) products and manufactured goods expanded exports by 12.1 per cent.
Trade grew to RM252.65 billion, as exports saw growth for the fifth consecutive month to RM129.16 billion, and imports expanded 26.2 per cent to RM123.49 billion.
Malaysia reported its 52nd consecutive month of trade surplus since May 2020 at RM5.67 billion.
Investment, Trade and Industry Ministry (MITI) in a statement said August was the 52nd consecutive month of trade surplus since May 2020.
Growth in exports were primarily driven by increased demand for E&E products, palm oil and palm oil-based agriculture products, machinery, equipment and parts as well as optical and scientific equipment.
Exports of manufactured goods grew significantly with double-digit expansion.
Exports to major partners namely Asean, China, the United States (US), the European Union (EU) and Taiwan logged expansion.
"Exports to the US surged to a new record high mainly due to higher demand for E&E productsprimarily semiconductor devices and integrated circuits (ICs). The World Semiconductor Trade Statistics (WSTS) has forecasted global semiconductor sales to grow 16 per cent in 2024 led by stronger performance in computing end-markets," said MITI. During the first eight months of 2024, trade posted the highest periodic value ever, expanding by 10.9 per cent to RM1.905 trillion compared to the same period in 2023.
Exports were up six per cent to RM991.36 billion and imports grew 16.8 per cent to RM913.18 billion, resulting in a trade surplus of RM78.17 billion during the period.
MITI said the International Monetary Fund (IMF) maintained its global gross domestic product(GDP) growth forecast at 3.2 per cent for 2024, while highlighting concerns about potentialinflation risks and ongoing trade tensions.
"For Malaysia, the IMF reaffirmed its GDP growth projection at 4.4 per cent for 2024, indicating a stable economic outlook. The estimation is consistent with Malaysia's 5.1 per cent GDP growth in the first half of 2024 (1H24) which exceeded the 4.1 per cent growth recorded in 1H23," it said.
Despite these positive developments, MITI and its agencies will remain vigilant against any potential challenges or global disruptions to ensure that Malaysia could sustain its economic momentum.