Malaysia’s exports rebound YoY in Oct. ’24

Malaysia’s exports surged 1.6 per cent year-on-year in October, reaching 128.12 billion ringgits ($28.66 billion), driven by strong demand for manufactured goods, the Ministry of Investment, Trade, and Industry (MITI) reported on Tuesday.

The report attributed the uptick to a rebound in manufactured goods exports, which account for 85.4 per cent of the country’s total exports. This category rose 1.9 per cent year-on-year, primarily fuelled by higher exports of electrical and electronic products, rubber products, processed food, and machinery and equipment parts.

Meanwhile, agriculture goods exports increased 8.9 per cent, underpinned by robust demand for palm oil and palm oil-based products. However, mining goods exports declined by 12.1 per cent due to lower crude petroleum exports.

Malaysia’s overall trade for the month marked its 10th consecutive month of year-on-year growth, expanding 2.1 per cent to 244.26 billion ringgits.

Imports grew at a more moderate pace of 2.6 per cent to 116.14 billion ringgits, resulting in a trade surplus of 11.98 billion ringgit.

For the first ten months of the year, Malaysia’s trade expanded by 9.3 per cent to 2.38 trillion ringgits. Exports rose 4.8 per cent to 1.24 trillion ringgits, while imports increased 14.6 per cent to 1.14 trillion ringgits, leading to a trade surplus of 102.77 billion ringgit.

Attribution: Xinhua

Subediting: M. S. Salama