Malaysia's February trade grows by 3.3% to RM212 billion
Published on: Monday, March 18, 2024
By: Bernama
Trade surplus was valued at RM10.87 billion, marking the 46th consecutive month of surplus since May 2020, says the investment, trade and industry ministry. (Freepik pic)
PETALING JAYA: Malaysia’s trade performance continued its positive trend in February 2024, growing by 3.3% to RM211.79 billion year-on-year (y-o-y), said the investment, trade and industry ministry (Miti).
In a statement today, the ministry said exports reduced slightly by 0.8% to RM111.33 billion while imports rose by 8.4% to RM100.46 billion.
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“Trade registered growth for the second consecutive month this year, and also delivered the highest monthly value for February in Malaysia’s trade history.
“Trade surplus was valued at RM10.87 billion, marking the 46th consecutive month of surplus since May 2020,” it added.
Miti said the country’s trade performance continued its upward trajectory for the first two months of 2024, registering 8.3% growth to RM446.43 billion y-o-y.
The ministry said exports rose by 3.9% to RM233.74 billion contributed by a 3.4% increase in manufactured goods to RM196.75 billion y-o-y, as driven by higher exports of iron and steel products, machinery, equipment, and parts as well as petroleum products.
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“Imports, on the other hand, climbed 13.6% to RM212.69 billion, providing a trade surplus of RM21.04 billion,” it said.
Compared to January 2024, the ministry said the trade surplus expanded by 6.9% for February 2024.
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Miti said Malaysia’s improved trade numbers for January and February reflect the global trade recovery outlook for 2024.
“The sustained trade growth in the first two months of 2024 paves the way for Malaysia’s trade recovery,” it said.
Global trade to recover in 2024
Meanwhile, the ministry said the World Trade Organisation has forecasted a 3.3% growth in merchandise trade in 2024, while the International Monetary Fund (IMF) has forecasted global trade to grow by 3.3%.
The IMF also expected the global gross domestic product to grow by 3.1%, contributed by better growth prospects for the US and China, Malaysia’s two top trading partners by country.
It said this improved global outlook would also be supported by stronger private and public spending, as well as increased labour force participation, improved supply chains, and cheaper energy and commodity prices.
“Miti and its agency, the Malaysia External Trade Development Corporation (Matrade) are cautiously optimistic and remain vigilant of global risks, while proactively looking out for export opportunities to both existing and new markets, as outlined by the National Trade Blueprint.
“Further guided by the New Industrial Master Plan 2030, the ministry is also attracting more high-quality investments which would, in turn, increase Malaysia’s future manufacturing and services export value,” it said.
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