KUALA LUMPUR: Malaysia's trade expanded for the 10th consecutive month with a year-on-year (YoY) growth of 2.1 per cent to RM244.26 billion in October, 2024.
Exports rebounded by 1.6 per cent RM128.12 billion, while imports grew at a more moderate pace of 2.6 per cent to RM116.14 billion, resulting in a trade surplus of RM11.98 billion.
This was the 54th straight month of surplus recorded since May 2020.
In the first 10 months of 2024, Malaysia's trade remained resilient and posted the highest periodic value ever, expanding by 9.3 per cent to RM2.383 trillion compared to the same period last year.
Exports rose 4.8 per cent to RM1.243 trillion and imports increased by 14.6 per cent to RM1.140 trillion, resulting in a trade surplus of RM102.77 billion.
"Export growth in October 2024 was largely supported by strong demand formanufactured goods, which represented 85.4 per cent of total exports. These increased by 1.9 per cent to RM109.46 billion on higher exports of electrical and electronic (E&E) products, rubber products, processed food as well as machinery, equipment and parts. "In terms of markets, Malaysia registered growth in exports to the United States (US), the European Union (EU) and Taiwan," said the Investment, Trade and Industry Ministry (MITI) in a statement.
Compared to September 2024, trade, exports and imports in October 2024 were higher by 4.2 per cent, 3.7 per cent and 4.8 per cent, respectively.
According to the recently published Economic Outlook 2025, Malaysia's trade isprojected to grow by 9.4 per cent in 2024, with exports and imports increasing by 5.6 per cent and 13.8 per cent, respectively.
"Additionally, Malaysia's gross domestic products (GDP) growth in the third quarter of 2024 remained robust, expanding by 5.3 per cent, marking the third consecutive quarter of strong growth." "This positions the country well on track to meetthe Ministry of Finance's (MOF) GDP growth forecast of between 4.8 per cent to 5.3 per cent in 2024," added the ministry.
However, as an open trading nation, MITI stated that Malaysia remains susceptible to global vulnerabilities that could impact its economic growth, including the escalation of geopolitical tensions, supply chain disruptions, volatility in financial market conditions and varying growth prospects across its trading partners.
"As such, MITI and MATRADE will remain vigilant to ensure that risks to trade growth are closely monitored and mitigated, particularly through intensified market promotional activities and the opening of new markets for Malaysian exports."