In January, trade with ASEAN, comprising 27.6% of Malaysia’s total trade, witnessed a robust double-digit growth of 17.4% year-on-year, amounting to RM64.87 billion. Exports to ASEAN expanded by 9.5% to RM37.33 billion, driven by increased shipments of petroleum products, machinery, equipment and parts, and chemicals. Notably, imports from ASEAN rose significantly by 30.2% to RM27.54 billion. Despite some fluctuations in trade volumes with individual ASEAN countries, Malaysia’s overall trade with the region showcased resilience and positive momentum.
China
Trade with China, constituting 16.9% of Malaysia’s total trade, recorded a modest growth of 6.9% year-on-year, totaling RM39.57 billion. Despite a slight decline in exports to China, imports surged by 16.7%, indicating continued economic engagement between the two countries. While exports of electronic and electrical (E&E) products saw a decline, exports of petroleum products, manufactures of metal, and paper and pulp products contributed to trade growth with China.
The U.S.
Trade with the U.S., representing 9.4% of Malaysia’s total trade, exhibited a strong double-digit growth of 18.2% year-on-year, amounting to RM22.11 billion. Exports to the US increased by 11.9% to RM13.48 billion, driven by robust shipments of E&E products, iron and steel products, and wood products. Imports from the US surged by 29.5%, reflecting increased demand for various goods and products from Malaysia.
The EU
Trade with the EU, making up 7.6% of Malaysia’s total trade, rebounded by 5.4% year-on-year, reaching RM17.87 billion. Exports to the EU improved by 6.4% to RM9.95 billion, led by strong performances in E&E products, palm oil-based manufactured products, and manufactures of metal. Imports from the EU also expanded, reflecting sustained economic cooperation and trade relations between Malaysia and the European bloc.
Japan
Trade with Japan, comprising 5.9% of Malaysia’s total trade, witnessed a marginal decline of 1% year-on-year, totaling RM13.95 billion. Despite the overall decline, exports to Japan increased by 2.8% to RM8.41 billion, driven by higher shipments of crude petroleum, optical and scientific equipment, and petroleum products. Imports from Japan, however, decreased by 6.3%.
Free Trade Agreement (FTA) Partners
Malaysia’s trade performance with Free Trade Agreement (FTA) partners showcased positive momentum in January 2024, with notable export growth to key countries such as the Republic of Korea (ROK), Australia, India, Pakistan, Chile, and Turkey.
Republic of Korea (ROK)
Trade with the ROK expanded by 5.1% year-on-year, totaling RM4.22 billion. Malaysia’s exports to the ROK increased, supported by higher shipments of E&E products.
Australia
Exports to Australia surged by 34.6% year-on-year, reaching RM4.89 billion. This growth was attributed to strong exports of petroleum products, reflecting the robust economic ties between Malaysia and Australia.
India
Trade with India recorded a notable increase of 18.7% year-on-year, totaling RM3.68 billion. Malaysia’s exports to India grew, driven by higher shipments of palm oil and palm oil-based agriculture products.
Pakistan
Trade with Pakistan expanded significantly by 83.9% year-on-year, amounting to RM570.7 million. Malaysia’s exports to Pakistan were bolstered by strong shipments of petroleum products.
Chile
Exports to Chile increased by 38.4% year-on-year, reaching RM51.9 million. This growth was attributed to robust exports of processed food products from Malaysia to Chile.
Turkey
Trade with Turkey expanded by 28.8% year-on-year, totaling RM1.84 billion. Malaysia’s exports to Turkey increased, particularly in iron and steel products.
Overall, Malaysia’s trade performance with FTA partners demonstrated resilience and positive growth, reflecting the country’s commitment to enhancing economic cooperation and leveraging strategic trade agreements for mutual benefit.
Source: Ministry of Investment, Trade and Industry
