Malaysia Trade Trends May 2024

According to data released by Ministry of Investment, Trade and Industry, Malaysia’s international trade increased 10.3 per cent in May 2024, with exports expanding by 7.3 per cent and imports growing by 13.8 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.

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.