Malaysia’s exports show resilience despite March marginal contraction

MALAYSIA’s export values experienced a slight dip of 0.8% in March, amounting to RM128.64 bil, according to recent reports. However, the country’s overall export performance for the first quarter of 2024 remained in positive territory, demonstrating resilience amid global economic fluctuations.

The Investment, Trade, and Industry Ministry (MITI) highlighted that exports registered a 2.2% growth during the initial three months of the year, reaching RM362.41 bil. This growth was primarily propelled by increased shipments of manufactured and mining goods.

“Exports of iron and steel products, machinery, equipment and parts, manufactures of metal, crude petroleum and liquefied natural gas (LNG) recorded notable increases,” stated the ministry.

Moreover, key trading partners such as China experienced a turnaround, with trade values rising by 2.9% year-on-year to RM38.95 bil in March, following a period of negative growth.

Overall, Malaysia’s total trade for March amounted to RM244.47 bil, marking a 5.1% increase year-on-year, albeit with the trade surplus halving to RM12.81 bil.

Trade with ASEAN countries saw a marginal uptick of 0.6% year-on-year, reaching RM65.19 bil, while trade with the US expanded by 6.9% year-on-year to RM23.57 bil during the same period.

On the import front, Malaysia witnessed a notable expansion in inbound shipments, with a growth rate of 12.5% year-on-year, totalling RM115.83 bil in March.

This growth was largely driven by a significant surge of 66.2% in capital goods, amounting to RM16.18 bil. Additionally, intermediate goods rose by 10.5% year-on-year to RM59.27 bil and consumption goods increased by 1.2% to RM9.39 bil.

Overall, Malaysia’s total inbound shipments for the first quarter of 2024 surged by 13.1% to RM328.19 bil compared to the same quarter in 2023, signalling robust domestic demand and economic activity. – April 19, 2024


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