Malaysia’s export sector has shown impressive resilience, with a notable recovery in October, signaling a positive trajectory for the country’s trade performance. Exports rose by 1.6% compared to the previous year, exceeding expectations and marking a strong rebound from September’s slight decline. This growth reinforces Malaysia’s position as a key player in the global trade landscape.
The value of exports reached 128.12 billion ringgit ($28.66 billion), according to the Ministry of Investment, Trade, and Industry. In parallel, import growth decelerated to 2.6%, down from 10.9% in September, which led to a trade surplus of 11.98 billion ringgit—still a healthy outcome despite a slight reduction from the previous month’s surplus of 13.19 billion ringgit.
The primary driver behind the growth was Malaysia’s strong performance in manufactured goods, which represent 85.4% of its total exports. Electrical and electronic products, a cornerstone of Malaysia’s export portfolio, saw a robust 7.6% increase, recovering from a prior dip. While petroleum product exports experienced a decline, the overall trade performance highlights Malaysia’s ability to adapt and thrive in global markets.
On a month-to-month basis, October showed a solid 3.7% increase in exports and a 4.8% rise in imports. This uptick suggests a positive momentum for Malaysia’s trade sector, which is projected to grow by 9.4% in 2024. Exports are expected to increase by 5.6%, and imports by 13.8%, contributing to the country’s economic growth forecast of between 4.8% and 5.3% for the year.
As an open and dynamic trading nation, Malaysia’s trade sector continues to showcase its strength, with the government closely monitoring potential risks while seizing opportunities for growth. This encouraging performance underscores Malaysia’s role as a reliable and resilient partner in global trade.
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