Miti: January-August exports top RM1 trillion, one month earlier than in 2024
KUALA LUMPUR: Malaysia recorded higher trade for the first eight months of this year with exports surpassing RM1 trillion a month earlier compared with 2024, the Ministry of Investment, Trade and Industry (Miti) said.
Total trade rose by 3.8% year-on-year (y-o-y) to RM1.98 trillion between January and August, with exports and imports increasing by 3.9% to RM1.03 trillion and 3.6% to RM945.62 billion, respectively.
“This has resulted in a trade surplus of RM86.07 billion,” Miti said a statement.
However, Malaysia’s August trade eased slightly by 1.9% y-o-y to RM247.07 billion amid shifting global trade conditions, although exports grew for the second consecutive month by 1.9% to RM131.6 billion.
Imports declined by 5.9% to RM115.47 billion. This resulted in a trade surplus of RM16.13 billion, the 64th consecutive month of trade surplus since May 2020, and an increase of 153.8% compared to August 2024,” Miti said.
The ministry noted that export growth in August was driven by strong performances in both manufactured and agricultural goods, with agriculture exports rebounding from the negative growth recorded in July.
The trade expansion was mainly contributed by electrical and electronic products, followed by machinery, equipment and parts, optical and scientific equipment, as well as palm oil and palm oil-based agricultural products.
Notably, Miti said, exports of optical and scientific equipment recorded their highest value to date.
While Malaysia’s overall trade performance remained resilient from January to August this year, exporters are strongly encouraged to improve and diversify their product offerings, and to strengthen supply chain efficiencies to mitigate the transitional effects of policy shifts and uncertainties in the global trading landscape.
Exporters are also encouraged to leverage the 18 free trade agreements ratified by Malaysia with various countries and economies. – Bernama