Malaysia’s exports surge 12.1% YoY in August ’24

Malaysia’s exports surged by 12.1 per cent year-on-year in August, reaching 129.16 billion ringgits (approximately $30.30 billion), driven by increased shipments to all major trading partners, including ASEAN, China, the US, and the EU.

The Ministry of Investment, Trade, and Industry announced on Thursday that exports to the US hit a new high, driven by strong demand for electrical and electronic (E&E) products, especially semiconductor devices and integrated circuits.

E&E products, palm oil, machinery, equipment, and optical and scientific equipment were key contributors to the overall export growth. Manufactured goods also witnessed significant expansion with double-digit growth rates.

Malaysia’s total trade expanded by 18.6 per cent year-on-year to 252.65 billion ringgits in August, with imports growing by 26.2 per cent to 123.49 billion ringgits.

For the first eight months of 2024, Malaysia’s trade increased by 10.9 per cent to 1.91 trillion ringgits, with exports up six per cent and imports up 16.8 per cent.

Attribution: Xinhua

Subediting: M. S. Salama