KUALA LUMPUR, 27 JANUARY 2025 (MONDAY): The Ministry of Investment, Trade and Industry (MITI), together with the Malaysia External Trade Development Corporation (MATRADE), has unveiled Malaysia’s trade outlook for 2025, emphasising strategic engagements with Brazil, Russia, India, China and South Africa (BRICS) nations, free trade agreement (FTA) partners and emerging markets.
Minister of Investment, Trade and Industry YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz highlighted that merging markets remain a key focus for Malaysia, with trade expansion efforts targeting Africa, the Middle East and Latin America.
This is reflected by notable growth recorded in 2024 in trade with African nations, such as Angola (59.3%), Ethiopia (56.4%), Egypt (53.6%), Algeria (27.9%) and Libya (19.7%).
Malaysia is also diversifying within ASEAN, targeting rapidly urbanising cities like Medan (Northern Sumatra, Indonesia), Surabaya (Eastern Java, Indonesia), Da Nang (Central Vietnam), Hai Phong (Northern Vietnam) and Can Tho (Southern Vietnam).
This diversification strategy will be key for Malaysia to sustain its strong trade performance in the coming years.
In 2024 Malaysia’s trade reached a historic milestone, rebounding 9.2% year-on-year to a record RM2.88 trillion. Exports grew by 5.7% to RM1.508 trillion, marking the second consecutive year exports surpassed RM1.5 trillion, following RM1.550 trillion in 2022. Imports increased by 13.2% to RM1.371 trillion, contributing to a trade surplus of RM136.88 billion—the highest trade value ever recorded in the nation’s history.
YB Dato’ Seri Reezal Merican Naina Merican, Chairman of MATRADE, attributed the strong trade performance to the unwavering support of national leadership and collaborative efforts. “This unprecedented accomplishment would not have been possible without the strong support and commitment of YAB Prime Minister, YAB Deputy Prime Ministers, and, of course, our YB Minister of Investment, Trade and Industry,” he stated.
BRICS PARTNERSHIP TO DRIVE GROWTH
Malaysia’s inclusion as a partner country in the BRICS bloc marks a significant milestone in its trade diplomacy. BRICS, which includes major economies such as Brazil, Russia, India, China and South Africa, along with recent members Egypt, Ethiopia and UAE, presents vast opportunities for Malaysia to collaborate on green technologies, digital transformation and infrastructure development. This partnership reinforces Malaysia’s role within the Global South and opens avenues for greater trade and technological cooperation within the bloc.
FTA PARTNERS AND EMERGING MARKETS
MATRADE is intensifying efforts to leverage Malaysia’s free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP). These agreements provide preferential market access and zero-tariff benefits, making Malaysian products more competitive globally.
OUTLOOK FOR 2025 AND ASEAN CHAIRMANSHIP
Malaysia’s trade strategy for 2025 is anchored on digital transformation, sustainable growth and regional integration. As the 2025 ASEAN Chair, Malaysia aims to position the region as a hub for trade and investment by deepening economic cooperation and enhancing supply chain resilience. Agreements under ASEAN, such as RCEP and CPTPP, are instrumental in mitigating global trade disruptions and expanding market access for Malaysian businesses.
MITI has also announced plans to lead Malaysia’s participation in Expo Osaka 2025, leveraging the platform to attract investments and showcase the nation’s commitment to sustainability and technological advancement.
COLLABORATIVE EFFORTS FOR FUTURE GROWTH
The Ministry remains committed to enhancing industrial competitiveness and addressing challenges such as over-dependence on unskilled foreign labour and income disparities. Collaboration between the government, industry and stakeholders is vital to achieving Malaysia’s trade aspirations.
“Together, we will ensure Malaysia’s trade performance in 2025 becomes a testament to our shared vision and collective efforts. Let us move forward with determination and embrace the future with optimism,” added YB Senator Tengku Datuk Seri Utama Zafrul.
