According to the World Trade Organization’s forecast, Asia’s exports are expected to rise by 7.4% in 2024.

In line with this, Malaysia’s exports over the first nine months of the year grew by 5.2%, reaching RM1.115 trillion,” the ministry said in  a statement.

Imports increased by 16.1% to RM1.024 trillion, resulting in a trade surplus of RM91.21 billion.

“In September, Malaysia’s trade performance continued its strong momentum, solidifying its upward trend by registering nine consecutive months of year-on-year expansion,” the ministry said.

Trade increased by 4.7% to RM234.84 billion in September, compared to the same month last year, supported mainly by stronger performance of the agriculture sector.

During the month, Malaysia registered RM124.01 billion of exports, and RM110.83 billion of imports, marking a trade surplus for the 53rd consecutive month.

The ministry said export growth was seen in optical and scientific equipment, palm oil and palm oil-based agriculture products, as well as machinery, equipment and parts.

In terms of markets, significant export growth was registered to the US, the EU and Taiwan.

Exports to Taiwan reached an all-time high, driven by exports of electrical and electronic products, particularly semiconductor devices and integrated circuits, it said.