Photo containers at Westports - Photo: Westports
In January 2024, Malaysia’s total trade surged by 13.3% year-on-year, marking the first growth in 11 months. This was driven by both exports (up 3.4% month-on-month) and imports (up 5.3% month-on-month), benefiting from a lower base in January 2023.
However, the monthly trade surplus shrank to a new post-pandemic low of RM10.1 billion due to the relatively stronger rise in imports.
External trade rebounded, growing by 8.7% year-on-year, surpassing expectations and driven by increased re-ex ports and a rebound in domestic exportations, particularly petroleum products and palm oil.
The stronger-than-expected rebound in exports bodes well for Malaysia’s economic growth amidst improving regional trade and PMI readings.
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