Malaysia Trade Trends July 2024

According to data released by the Ministry of Investment, Trade and Industry, Malaysia’s international trade in the first seven months of 2024 grew by 9.8 per cent, with exports up by 5.1 per cent and imports increasing by 15.5 per cent.

The growth in trade was driven by exports of electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products, manufacturing of metal, optical and scientific equipment, and iron and steel products.

In July alone, the country’s trade rise 18.3 per cent on a yearly basis, the fastest rate in 21 months, while exports went up by 12.3 per cent, and imports expanded 25.4 per cent.

Malaysia’s main export markets were ASEAN, China, the United States, and the European Union.

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.