Malaysia’s Trade Surplus Widened in Nov-24 to the Highest Level in 14 Months
Exports Surge: Malaysia’s total trade grew by +2.9%yoy in November 2024 (Oct-24: +2.1%yoy), led by a stronger export growth of +4.1%yoy (Oct-24: +2.7%yoy). Key contributors were higher shipments of E&E products, machinery, equipment, and palm oil.
E&E Sector Shines: Manufacturing exports, comprising 85.1% of total exports, rose by +5.2%yoy, driven by E&E products (+12.2%yoy), semiconductors (+12.5%yoy), and automatic data processing equipment (+55.4%yoy).
Trade Surplus
Weak Petroleum Exports: The robust E&E sector offset declines in petroleum-related exports.
Slower Import Growth: Imports grew modestly at +1.6%yoy (Oct-24: +2.7%yoy), with a sharper drop in capital goods imports counterbalanced by higher imports of intermediate and consumption goods.
2025 Outlook: Malaysia’s trade is expected to grow in 2025, with forecasts of +4.9% for exports and +4.5% for imports, continuing the recovery from 2023’s contraction.
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