Malaysia’s exports saw a 12.1% year-on-year growth in August, reaching 129.16 billion ringgit (30.30 billion U.S. dollars), driven by increased shipments to key trading partners, according to official data released on Thursday. The Ministry of Investment, Trade and Industry (MITI) reported that exports to ASEAN, China, the United States, and the European Union all recorded substantial growth. Exports to the United States hit a new record high, primarily due to stronger demand for electrical and electronic (E&E) products, including semiconductor devices and integrated circuits. The rise in exports was largely attributed to higher demand for E&E products, palm oil and palm oil-based agricultural goods, machinery, equipment and parts, and optical and scientific instruments. Manufactured goods also saw significant growth, registering double-digit expansion.
Malaysia’s total trade in August increased by 18.6% year-on-year to 252.65 billion ringgit. Imports expanded by 26.2%, reaching 123.49 billion ringgit. For the first eight months of 2024, trade increased by 10.9% to 1.91 trillion ringgit, with exports up by 6% to 991.36 billion ringgit, and imports rising by 16.8% to 913.18 billion ringgit. Despite these positive trends, MITI emphasized that it will continue to monitor potential challenges and global disruptions to sustain Malaysia’s economic growth.
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