Malaysia witnessed robust trade growth in June 2024, driven by a strengthening global economy. The total trade value increased by 8.7% year-on-year, climbing from RM218.8 billion to RM237.8 billion. This growth was primarily fueled by a significant rise in imports, which surged by 17.8% to RM111.8 billion, while exports saw a modest increase of 1.7%, reaching RM126.0 billion.
According to the latest trade statistics, domestic exports played a crucial role, rising by 7.1% to RM100.4 billion and making up 79.7% of total exports. However, re-exports decreased by 15.1% year-on-year to RM25.6 billion, accounting for 20.3% of total exports.
The trade surplus was reported at RM14.3 billion, marking the 50th consecutive month of surplus since May 2020. Compared to May 2024, there was a slight decrease in exports, imports, and total trade by 1.6%, 5.4%, and 3.4% respectively, though the trade balance increased by 43.6%.
Out of 258 export categories, 137 showed growth, while 160 out of 259 import categories also saw increases. Export growth was particularly driven by higher shipments to Taiwan, the United States, Thailand, Viet Nam, India, Mexico, American Samoa, Canada, and Saudi Arabia.
Import growth was led by higher demand from China, the United States, Taiwan, Singapore, Republic of Korea, the United Arab Emirates, the European Union, Brazil, and Argentina. Specific export gains were noted in machinery, equipment & parts; other manufactures; liquefied natural gas; palm oil-based manufactured products; rubber products; and optical & scientific equipment. On the import side, electrical & electronic products; machinery, equipment & parts; crude petroleum; other agriculture; petroleum products; and liquefied natural gas saw notable increases.
The rise in imports by end-use reflected higher demand for intermediate goods, capital goods, and consumption goods. Intermediate goods saw the largest increase, making up 54.4% of total imports, followed by capital goods at 10.7% and consumption goods at 8.3%.
From January to June 2024, total trade increased by 8.4% to RM1.4 trillion, with exports rising by 3.9% and imports by 13.8%. However, the trade surplus decreased by 44.5% to RM66.1 billion compared to the same period in 2023.
In the second quarter of 2024, total trade, exports, and imports all saw growth compared to the same period last year, increasing by 10.0%, 5.8%, and 15.0% respectively, with the trade surplus amounting to RM32.0 billion, a decrease of 42.7% year-on-year.
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