Malaysia Trade Trends November 2024

According to data released by the Ministry of Investment, Trade and Industry, Malaysia’s international trade in the first 11 months of 2024 grew by 8.7 per cent, with exports up by 4.7 per cent and imports rising by 13.3 per cent.

In November alone, Malaysian trade increased 2.9 per cent, the exports went up 4.1 per cent, while imports grew by 1.6 per cent.

The growth in exports was mainly driven in key sectors, notably manufactured and agriculture goods, particularly electrical and electronic (E&E) products, palm oil and palm oil-based agriculture products as well as machinery, equipment and parts. Additionally, exports reached a new high, primarily due to higher demand for semiconductor devices and integrated circuits (ICs).

Malaysian main trading partners were China, Singapore, and the United States.

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.