In a statement today on Malaysia’s 2024 trade performance, the ministry said exports exceeded RM1 trillion for four consecutive years, rising 5.7% to RM1.51 trillion, accounting for 87.2% of the 2025 target set under the 12th Malaysia Plan’s mid-term review.

Imports were up by 13.2% y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year, resulting in a trade surplus of RM136.88 billion for the 27th consecutive year since 1998.

Exports to major trading partners -Asean, the US, the EU, and Taiwan – rose with exports to the US and Taiwan reaching an all-time high.

Taiwan officially became Malaysia’s fourth largest trading partner, reflecting the strengthening of bilateral trade partnerships and growing trade opportunities.

Exports to free trade agreement markets expanded in 2024, reversing a 2023 contraction mainly from Canada, Turkey and Mexico.

“Canada was an export destination which recorded growth, driven by higher demand for electrical and electronic products, while exports to Turkey and Mexico soared to a new record high, fuelled by the increased shipments of iron and steel products, and chemicals and chemical products, respectively,” it said.

Export growth was also recorded from Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya and notably Kenya, Oman and Namibia, which rose to a record level.

E&E exports along with machinery, equipment and parts posted increases of more than RM10 billion, respectively, in 2024.

Despite the challenging global economic landscape, the ministry and its trade promotion agency, Malaysia External Trade Development Corporation, are committed to strengthening international trade as a cornerstone to sustain long-term economic growth.

“This will be supported through strategic initiatives outlined in the 12MP, the National Trade Blueprint and the New Industrial Master Plan,” it said.