KUALA LUMPUR: Malaysia's exports in October 2024 rose 1.6% to RM128.12bil, largely supported by strong demand for manufactured goods.
Imports, meanwhile grew at a more moderate pace of 2.6% to RM116.14bil.
The trade surplus in October was RM11.98, representing a 54th straight month of surplus recorded since May 2020.
Over the first 10 months of 2024, the country's trade expanded 9.3% to RM2.38 trillion compared to the same period in 2023.
According to the Ministry of Investment, Trade and Industry (Miti), exports of manufactured good rebounded 1.9% year-on-year to RM109.46bil in October from negative growth in the previous month on higher exports of electrical and electronics (E&E) products, rubber products, processed food as well as machinery, equipment and parts.
Exports of agriculture goods grew 8.9% to RM9.72bil due to strong exports for palm oil and palm-oil based agriculture products following increased export volumes and prices.
Exports of mining goods, meanwhile, decreased 12.1% y-o-y to RM7.73bil on slow exports of crude petroleum resulting from reduced export volumes and prices.
Among Malaysia's major trading partners, trade with the US expanded 35.1% y-o-y to RM29.85bil.
Shipments to the US rose 32.5% to RM18.93bil, fuelled by higher shipments of E&E products while imports surged 39.8% to RM10.91bil.
Trade with Asean countries slipped 4.1% y-o-y to RM61.73bil with the value of exports shrinking 3.1% to RM35.42bil due to reduced exports of petroleum products, crude petroleum as well as chemicals and chemical products.
Trade with China, meanwhile, slid RM40.99bil. Exports dropped 6.5% to RM16.05bil due to reduced exports of E&E products.
On imports, Miti reported that the inflow of intermediate foods grew 12.3% y-o-y on higher imports of parts and accessories of non-transport capital goods.
Imports of capital goods dropped 2.7% as a result of reduced imports of industrial transport equipment, while shipments of consumption goods increased 3% on higher imports of semi-durables.
