Malaysia's Jan-July trade hits RM1.65T

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Malaysia's Jan-July trade hits RM1.65T
MalaysiaTradeExports
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KUALA LUMPUR: Malaysia ’s January-July trade in 2024 grew by 9.8 per cent year-on-year to hit RM1.652 trillion, the highest value recorded for the period, said the Investment, Trade and Industry Ministry .

Exports of mining goods edged up by 4.3 per cent to RM62.85 billion, aided by strong exports of crude petroleum and liquefied natural gas , while exports of agricultural goods rose 7.9 per cent to RM57.75 billion on the back of increased exports of palm oil and palm oil-based agriculture products as well as natural rubber.

Exports to major trading partners, namely ASEAN, the United States , the European Union and Taiwan recorded double-digit growth. Meanwhile, exports of agriculture goods rose 32.8 per cent to RM10.07 billion, bolstered by higher demand for palm oil and palm oil-based agriculture products that resulted in increased export volumes and prices.

Exports, which had increased consistently since April 2024, climbed 16 per cent to RM40.12 billion while imports from ASEAN rose 17.8 per cent to RM30.95 billion. Trade with the US, which represented 12.4 per cent of Malaysia’s total trade, surged by 49.4 per cent y-o-y to RM31.76 billion. Exports grew by 30.9 per cent to RM17.79 billion, marking the highest export value thus far, led by higher demand for E&E products, machinery, equipment and parts as well as palm oil and palm oil-based agriculture products.MITI said Malaysia’s robust Gross Domestic Product growth of 5.

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Malaysia Trade Exports Jan-July 2024 ASEAN US China MITI

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