Malaysia’s Resilient Economy Surges Ahead With Growth and Export Rebound 🇲🇾

Malaysia’s economy has weathered challenges and is poised for further expansion with its export recovery driven by sectoral improvements, favourable global conditions, and strategic market diversification.

It has been a great first half of the year for the economy. This is how we picture it for you.

Looking ahead, Malaysia is on track for even stronger economic growth in the second half of 2024. The diversified structure of the Malaysian economy, favorable labor market conditions, healthy foreign reserves, and robust financial sector continue to sustain the economic momentum. 

Additionally, the government’s pragmatic measures and initiatives, anchored on the framework of Ekonomi MADANI, aim to ensure sustainable and inclusive growth for all Malaysians.

Second Half of 2024 – A Resilient Economy

January 2024:

• Exports surged by 13.3% y-o-y to RM122.43 billion, ending a 10-month contraction streak.
• Factors: Improved export performance by regional countries and an anticipated upturn in the global technology cycle for 2024².

March 2024 (Q1):

• Malaysia recorded its highest historical Q1 trade performance.
• Exports increased by 2.2% to RM362.41 billion compared to Q1 2023.
• Notable export growth in iron/steel products, machinery, equipment, crude petroleum, and liquefied natural gas (LNG).
• Key markets: ASEAN, US, and Japan contributed to the growth.

April 2024:

• Exports rebounded by 9.1% year-on-year (y-o-y) to RM114.72 billion after two consecutive months of contraction.
• Contributing factors: Higher exports of machinery, equipment, chemicals, crude petroleum, palm oil, and iron/steel products.
• Key markets: ASEAN, the United States (US), and the European Union (EU) saw double-digit export growth, while exports to China rebounded from the previous month’s negative growth.