Southeast Asia Information Port (www.dnyxxg.com) – Malaysia's Ministry of Investment, Trade and Industry (MITI), a star performer in ASEAN, reported that its foreign trade volume reached RM1.652 trillion (equivalent to US$373 billion) in the first seven months of 2024, a record high, up 9.8% year-on-year.
In a statement released on August 19, MITI stated that in the first seven months of this year, Malaysia's exports grew by 5.1% to RM862.23 billion, while imports increased by 15.5% to RM789.71 billion, resulting in a trade surplus of RM72.52 billion.
Regarding July 2024 alone, MITI reported that Malaysia's trade grew by 18.3% year-on-year, the fastest growth rate in the past 21 months. Exports to major trading partners such as ASEAN, the United States, and the European Union all saw double-digit growth.
Malaysia's Ministry of Investment, Trade and Industry revealed that in July 2024, trade between Malaysia and ASEAN increased by 16.8% year-on-year to RM71.07 million. ASEAN accounted for 27.8% of Malaysia's total foreign trade. Exports from Malaysia to major ASEAN markets all saw double-digit growth rates, including: Singapore (18.1% year-on-year growth, RM21.06 billion); Thailand (10% growth, RM5.56 billion); and Vietnam (13.8% growth, RM4.95 billion).
Meanwhile, in July 2024, trade between Malaysia and China accounted for 16.3% of Malaysia's total trade, a year-on-year increase of 12.6%, reaching RM41.72 billion. Trade with the United States accounted for 12.4% of Malaysia's total trade, surging 49.4% year-on-year to RM31.76 billion.
Furthermore, the Ministry of Investment, Trade and Industry also stated that Malaysia's GDP grew strongly by 5.9% in the second quarter of 2024. Previously, the Central Bank of Malaysia (BNM) predicted that Malaysia's economy would grow by 4.0-5.0% in 2024. This will boost investor confidence in Malaysia's economic growth and open up more trade opportunities. (End)
