KUALA LUMPUR: Malaysia achieved its highest-ever first quarter (1Q) trade, export and import values in January to March 2024, in line with global trade recovery. 

The country's total trade expanded 7.1 per cent year-on-year to RM690.59 billion for a trade surplus of RM34.22 billion in Q1 2024, according to the Investment, Trade and Industry Ministry.

"Exports in the first quarter of 2024 (1Q24) increased by 2.2 per cent  to RM362.41 billion compared to Q1 2023, on the back of higher exports of manufactured and mining goods," the ministry said in a statement today.

Exports of iron and steel products, machinery, equipment and parts, metal manufacturers, crude petroleum, and liquefied natural gas (LNG) experienced significant growth.

The ministry said export growth was driven by higher shipments to Asean, the United States (US) and Japan.

Imports recorded a double-digit growth of 13.1 per cent to RM328.19 billion due to robust imports of capital and intermediate goods meant for the manufacturing of products for exports.

In March 2024, trade, exports and imports experienced significant month-on-month (MoM) growths compared to February 2024, with double-digit increases of 15.6 per cent, 15.5 per cent and 15.7 per cent respectively.

"Total trade was RM244.47 billion, historically the highest value for the month of March. Meanwhile, exports amounted to RM128.64 billion and imports were valued at RM115.83 billion, resulting in a trade surplus of RM12.81 billion, which also represents the 47th consecutive month of surplus since May 2020," it noted.

For March 2024, trade and imports grew by 5.1 per cent and 12.5 per cebt YoY respectively, while exports reduced marginally by 0.8 per cent.

Additionally, Malaysia experienced a favourable trade expansion with free trade agreement (FTA) partners in Q1 2024, rising 4.4 per cent to RM456.02 billion to account for 65.3 per cent of total trade.

"Exports edged up by 0.3 per cent to RM248.17 billion and imports climbed 9.6 per cent to RM207.85 billion compared to the corresponding period in 2023," it noted.

Due to Malaysia's significant dependence on trade, where merchandise trade represents 144.7 per cent of gross domestic product in 2023, the ministry said together with the Malaysia External Trade Development Corporation, it will continue to closely monitor and address risks to trade growth and investment inflows.

https://www.nst.com.my/business/economy/2024/04/1039972/malaysia-posts-best-first-quarter-trade-exports-imports-q1-2024