Overview In March 2024 Malaysia exported MYR129B and imported MYR116B, resulting in a positive trade balance of MYR12.8B. Between March 2023 and March 2024 the exports of Malaysia have decreased by MYR-1.03B (-0.79%) from MYR130B to MYR129B, while imports increased by MYR12.9B (12.5%) from MYR103B to MYR116B.
Trade In March 2024, the top exports of Malaysia were Integrated Circuits (MYR15.3B), Refined Petroleum (MYR6.15B), Petroleum Gas (MYR3.87B), Palm Oil (MYR3.23B), and Semiconductor Devices (MYR3.17B). In March 2024 the top imports of Malaysia were Integrated Circuits (MYR11B), Refined Petroleum (MYR6.18B), Crude Petroleum (MYR2.94B), Telephones (MYR1.51B), and Raw Aluminium (MYR1.06B).
Destinations In March 2024, Malaysia exported mostly to China (MYR13.7B), Singapore (MYR11.6B), United States (MYR9.09B), Hong Kong (MYR5.32B), and Japan (MYR5.3B), and imported mostly from China (MYR16B), Singapore (MYR7.22B), Japan (MYR6.23B), United States (MYR5.77B), and Chinese Taipei (MYR4.78B).
Growth In March 2024, the decrease in Malaysia's year-by-year exports was explained primarily by an decrease in exports to Hong Kong (MYR-1.18B or -18.1%), Japan (MYR-863M or -14%), and India (MYR-425M or -13.6%), and product exports decrease in Computers (MYR-1.42B or -42.9%), Petroleum Gas (MYR-932M or -19.4%), and Crude Petroleum (MYR-741M or -20.6%). In March 2024, the increase in Malaysia's year-by-year imports was explained primarily by an increase in imports from United Arab Emirates (MYR1.89B or 232%), Japan (MYR857M or 15.9%), and China (MYR474M or 3.06%), and product imports increase in Crude Petroleum (MYR749M or 34.2%), Scrap Iron (MYR370M or 167%), and Refined Petroleum (MYR284M or 4.82%).
FAQs
Economic Complexity Ranking
During the last 20 years Malaysia's economy has become relatively more complex, moving from the 33rd to the 24th position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.
What causes economic growth in Malaysia exports or imports? ›
Indeed, we found a feedback causal relationship between exports and economic growth for both the manufacturing and agricultural exports. The empirical findings indicate that an important determinant of long-run growth in the fast growing Malaysian economy is imports of foreign technology.
What are Malaysia's major exports and imports? ›
In 2023, the export value of electrical and electronic products in Malaysia was approximately 575 billion Malaysian ringgit. Electronics and electrical products were Malaysia's most valuable exports, followed by palm oil and refined petroleum products.
Who is Malaysia's largest trading partner? ›
China – Largest Trading Partner for 13 Consecutive Years
In 2021, China remained as Malaysia's largest trading partner for 13 consecutive years with 18.9% share of total trade, expanding by 27% to RM421.
What is the economic problem in Malaysia? ›
However, as Malaysia prepares for its high-income transition, it confronts new challenges. The current economic landscape is marked by slower growth, heightened inequality, and a lower proportion of high-skilled employment compared to its peers.
Is Malaysia economy good or bad? ›
Overall, the Malaysian economy is highly robust and diversified with the export value of high-tech products in 2022 standing around US$66 billion, the third highest in ASEAN. Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.
Is Malaysia an import or export country? ›
Malaysia Service Trade data from WDI 2021
Malaysia, Service exports (BoP, current US$) is 21,245,983,013.82. Malaysia, Imports of goods and services as percentage of GDP is 61.73 %. Malaysia, Exports of goods and services as percentage of GDP is 68.84 %.
What do we import from Malaysia? ›
Malaysia exports a significant volume of mineral fuels and oils, especially crude oil, to Australia. We imported 33 million barrels of crude oil alone from Malaysia in 2019.
What is the trend in exports in Malaysia? ›
Malaysia exports for 2022 was $313.21B, a 18.63% increase from 2021. Malaysia exports for 2021 was $264.02B, a 27.05% increase from 2020. Malaysia exports for 2020 was $207.80B, a 12.83% decline from 2019. Malaysia exports for 2019 was $238.38B, a 3.08% decline from 2018.
Who is Malaysia's closest ally? ›
Bilateral ties between Malaysia and the United States were established upon Malayan independence in 1957. The US was, and still is one of the largest trading partners for Malaysia and is traditionally considered to be Malaysia's oldest and closest ally in military, economic and education sectors.
Malaysia's top exports are electrical and electronic products (E&E Products), petroleum products, LNG, palm oil, machinery and equipment, iron and steel products, rubber and rubber articles etc. Malaysia's biggest export partners are Singapore, China, the United States, Japan, Hong Kong, Vietnam, Indonesia, etc.
What is the largest contributor to the Malaysian economy? ›
This statistic shows the share of economic sectors in the gross domestic product (GDP) in Malaysia from 2012 to 2022. In 2022, the share of agriculture in Malaysia's gross domestic product was around 8.92 percent, industry contributed approximately 39.1 percent and the services sector contributed about 50.93 percent.
What is the economic performance of Malaysia? ›
The Malaysian economy grew at a higher rate of 4.2% in the first quarter of 2024 (4Q 2023: 2.9%), driven by stronger private expenditure and positive turnaround in exports. Household spending was higher amid continued growth in employment and wages.
What is the economic environment of Malaysia? ›
Overall, the Malaysian economy expanded by 3.9% in the first three quarters of 2023. Headline inflation continued to moderate to 2% (2Q 2023: 2.8%) during the quarter. The moderation was recorded in both non-core inflation and core inflation. For non-core inflation, fresh food and fuel contributed to the decline.
What kind of economy does Malaysia have? ›
Malaysia has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.
What is the economic standing of Malaysia? ›
Updated October 2023
Malaysia's economic freedom score is 65.7, making its economy the 45th freest in the 2024 Index of Economic Freedom. Its rating has decreased by 1.6 points from last year, and Malaysia is ranked 9th out of 39 countries in the Asia-Pacific region.
