Malaysia's trade continued its robust performance in April 2024, achieving a significant 12.1% growth to RM221.74 billion compared to April 2023. This marks the fourth consecutive month of year-on-year (y-o-y) expansion, reflecting the global trade recovery.
According to the Investment, Trade and Industry Ministry, exports rebounded by 9.1% y-o-y to RM114.72 billion in April 2024 after experiencing two months of contraction. The increase was driven by higher exports of machinery, equipment and parts, chemicals and chemical products, crude petroleum, palm oil and palm oil-based agricultural products, as well as iron and steel products.
Imports also saw a strong increase, growing by 15.6% y-o-y to RM107.02 billion. This growth was primarily due to the robust import of intermediate goods used in the manufacturing sector for export products.
Malaysia has maintained a trade surplus for the 48th consecutive month since May 2020, recording a surplus of RM7.7 billion in April 2024.
The ministry highlighted that the first four months of 2024 have set record highs for trade, exports, and imports. Trade grew by 8.3% to RM912.27 billion compared to the same period in 2023. Exports rose by 3.8% to RM477.05 billion, and imports increased by 13.7% to RM435.22 billion, resulting in a trade surplus of RM41.83 billion.
However, when compared to March 2024, April’s figures were lower, with trade decreasing by 9.3%, exports by 10.8%, imports by 7.6%, and the trade surplus by 39.4%.
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