Malaysia’s trade performance in 2024 continued to deliver outstanding performance, recording another milestone with trade reaching new heights. Trade, exports and imports rebounded in 2024 with trade amounting to RM2.879 trillion, an increase of 9.2 percent year-on-year, surpassing the RM2 trillion mark for four consecutive years.
Similarly, exports exceeded RM1 trillion for four consecutive years, rising 5.7 percent to RM1.508 trillion. This achievement accounted for 87.2 percent of the target set for 2025 exports under the mid-term review of the Twelfth Malaysia Plan (RMKe-12). Meanwhile, imports were up by 13.2 percent y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year. This exceptional performance has resulted in a trade surplus of RM136.88 billion, for the 27th consecutive year since 1998.
Trade Commissioner of MATRADE HCMC, Mdm Zaimah Osman commented “The significant growth in Malaysia’s trade figures highlights our resilience and adaptability in a dynamically changing global market. Our export growth, particularly to key trading partners, reaffirms Malaysia’s strategic position as a vital player in the ASEAN region and beyond.
Exports to major trading partners including ASEAN, the United States (US), the European Union (EU) and Taiwan have surged, with exports to the US and Taiwan reaching an all-time high. The implementation of diversification strategies targeting emerging markets has played a critical role in this growth, particularly with notable increases in exports to countries such as Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya and notably Kenya, Oman and Namibia which rose to a new record level.
In terms of bilateral trade, Malaysia and Cambodia have recorded a 28.6% increase, rising from $665.3 million in 2023 to $855.6 million in 2024. Malaysia’s exports to Cambodia increased by 28.5 percent, from $517.3 million in 2023 to $664.5 million in 2024, while imports from Cambodia also saw a rise of 29.1 percent from $148.0 million in 2023 to $191.1 million in 2024.
Among the top five products exported to Cambodia were petroleum products (34.9 percent), followed by textiles, apparels & footwear (16.6 percent), metals (14.8 percent), non-metallic minerals products (7.3 percent) and chemicals & chemical products (6.6 percent).
While top imported products from Cambodia were textiles, apparel & footwear (46.7 percent), followed by other agriculture products (32.0 percent), other manufacturers (10.9 percent), electrical & electronic products (2.3 percent) and other vegetable oil (1.6 percent).
“This increase in bilateral trade underscores the potential for further collaboration and investment between Malaysia and Cambodia, enhancing our economic landscape” added the Trade Commissioner.
“The vibrant trade relationship between Malaysia and Cambodia showcases our mutual commitment to economic growth and sustainable development. Cambodian businesses interested in exploring potential collaboration with Malaysian companies can contact the office at phnompenh@matrade.gov.my.”
