Exports Rebound in October, Marking 54 Consecutive Months of Surplus.
Kuala Lumpur, 19 November 2024 — Malaysia’s trade demonstrated remarkable resilience in the first 10 months of 2024, recording a 9.3% growth to reach RM2.383 trillion, the highest periodic value to date. Exports rose by 4.8% to RM1.243 trillion, while imports surged by 14.6% to RM1.140 trillion, yielding a trade surplus of RM102.77 billion.
The strong performance underscores Malaysia’s status as a globally competitive trading nation, with October 2024 marking the 54th consecutive month of trade surplus since May 2020. October trade totalled RM244.26 billion, a 2.1% year-on-year (y-o-y) increase, while exports rebounded by 1.6% to RM128.12 billion. Imports grew by 2.6% to RM116.14 billion, contributing to a monthly trade surplus of RM11.98 billion.
Manufactured Goods Drive Export Growth
October’s export growth was propelled by demand for manufactured goods, which accounted for 85.4% of total exports. This segment saw a 1.9% increase to RM109.46 billion, driven by higher exports of electrical and electronic (E&E) products, rubber products, processed food, and machinery, equipment, and parts. Key markets, including the United States (US), the European Union (EU), and Taiwan, recorded growth, further bolstering Malaysia’s trade performance.
On a month-on-month basis, trade, exports, and imports in October 2024 were higher by 4.2%, 3.7%, and 4.8%, respectively, underscoring a robust recovery in the country’s trading activities.
Positive Outlook Amidst Challenges
According to the recently published Economic Outlook 2025, Malaysia’s trade is projected to grow by 9.4% in 2024, with exports and imports expected to rise by 5.6% and 13.8%, respectively. The nation’s Gross Domestic Product (GDP) grew by 5.3% in the third quarter of 2024, marking three consecutive quarters of robust expansion. This positions Malaysia on track to achieve the Ministry of Finance’s (MOF) GDP growth target of 4.8% to 5.3% for the year.
Despite these gains, Malaysia remains vulnerable to external risks as a trading nation, including geopolitical tensions, supply chain disruptions, financial market volatility, and varied growth prospects among trading partners. To mitigate these challenges, the Ministry of Investment, Trade and Industry (MITI) and Malaysia External Trade Development Corporation (MATRADE) are intensifying market promotion efforts and exploring new export markets.
Strengthening Malaysia’s Global Trade Position
MITI, as the primary agency driving Malaysia’s trade and investment agenda, remains committed to ensuring sustained economic growth and strengthening the country’s position as a preferred global trading partner. The ministry will continue to monitor trade risks and implement measures to support exporters and investors in navigating a complex global environment.
Further insights into Malaysia’s trade performance for October 2024 and the January–October 2024 period are available in the full report, which includes detailed appendices and accompanying notes.
About MITI
The Ministry of Investment, Trade and Industry (MITI) is Malaysia’s leading agency for driving economic development through quality investments and trade initiatives. Its mission is to position Malaysia as a globally competitive trading nation, advancing the country’s progress towards developed nation status.
