PETALING JAYA: Malaysia’s commerce has maintained its upward trajectory to this point this yr, rising persistently since January and recording an 8.7% year-on-year (y-o-y) growth in June to RM237.81 billion.
In disclosing this, Ministry of Funding, Commerce and Trade (Miti) mentioned in a press release mentioned that exports registered the third consecutive month of progress, rising by 1.7% to RM126.05 billion whereas imports rose 17.8% to RM111.76 billion.
The commerce surplus amounted to RM14.29 billion, the fiftieth consecutive month of surplus registered since Could 2020.
Miti attributed export progress primarily to greater demand for equipment, gear and elements, liquefied pure gasoline in addition to palm oil based mostly manufactured merchandise. In time period of markets, export growth was posted to main buying and selling companions notably Asean, the USA and Taiwan. Exports to the US and Taiwan grew considerably with double-digit growth.
For the primary half of 2024 (H1’24), commerce elevated by 8.4% to RM1.396 trillion in comparison with the corresponding interval in 2023. Exports rose 3.9% to RM731.11 billion and imports by 13.8% to RM664.99 billion.
“A commerce surplus of RM66.12 billion was posted for the interval. Commerce recorded the very best periodic values to this point,” Miti mentioned.
By way of manufactured items, exports of equipment, gear and elements surged by 22.3% in H1’24 to RM33.23 billion primarily for machines and equipment for the manufacture of semiconductor and elements. That is in keeping with the projection by Semiconductor Gear and Supplies Worldwide that world unique gear producer gross sales of semiconductor manufacturing gear to develop by 3.4% in 2024.
Malaysia was ranked the tenth largest world exporter {of electrical} and digital merchandise and the sixth largest exporter of semiconductors in 2023.
Exports of palm oil and palm oil-based merchandise rebounded in H1’24 with progress of 4.1% from destructive progress recorded in H1’23. Palm oil exports are projected to stay robust within the second half of 2024, supported by greater demand significantly from India and China.