Malaysia's Jan-Nov trade rises 8.7 pct to RM2.62 trillion
NST Wed, Dec 18, 2024 12:21pm - 11 minutes


KUALA LUMPUR: Malaysia's trade from January to November 2024 reached its highest value ever for the 11-month period, growing by 8.7 per cent to RM2.62 trillion compared to the same period in 2023, said the Ministry of Investment, Trade, and Industry (MITI).

Exports rose by 4.7 per cent to RM1.36 trillion, while imports grew by 13.3 per cent to RM1.25 trillion, resulting in a trade surplus of RM117.94 billion.

"This positions the country on track to meet the Ministry of Finance's (MOF) growth forecast for trade, exports, and imports in 2024, which are set at 9.4 per cent, 5.6 per cent, and 13.8 per cent, respectively," it said.

In November 2024, trade recorded the 11th successive month of year-on-year (y-o-y) growth, expanding by 2.9 per cent to RM237.85 billion.

Exports increased for the second consecutive month, growing by 4.1 per cent to RM126.57 billion, and imports were higher by 1.6 per cent to RM111.28 billion.

The trade surplus recorded double-digit growth, rebounding by 26.3 per cent to RM15.29 billion, the highest value recorded in 14 months since October 2023 and the 55th successive month of surplus since May 2020.

According to MITI, the strong exports in November 2024 were supported by robust growth in key sectors, notably manufactured and agricultural goods, particularly electrical and electronic (E&E) products, palm oil and palm oil-based agricultural products, as well as machinery, equipment, and parts.

"Meanwhile, exports to the United States (US) surged to a new record high, while exports to Taiwan, Province of China (POC), grew significantly, fuelled by rising demand for E&E products, notably semiconductor devices and integrated circuits (ICs)," it said.

The ministry noted that the World Semiconductor Trade Statistics (WSTS) Organisation has revised upwards its global semiconductor sales projection for 2024 to 19 per cent from 16 per cent due to stronger performance in the E&E sector.

"While there have been positive developments in the nation's export performance, MITI and the Malaysia External Trade Development Corporation (MATRADE) are committed to further boosting export growth by proactively intensifying promotional efforts and exploring new markets for the success of Malaysian exports," it added.

Aluminium products maker Winstar Capital Bhd (KL:WINSTAR) is expecting sales to grow in 2025, with the removal of China’s export tax rebates for aluminium products, and the upcoming implementation of the fifth iteration of Malaysia’s large scale solar programme (LSS5).

On Dec 1 this year, China removed the tax incentives not only for aluminium, but also copper, and certain oils and fats. It also lowered the rebate rates for refined oil, photovoltaic products and batteries from 13% to 9%. China

aluminium extrusion expected to grow strongly in 2025 after China removal of tax rebates for aluminium products n upcoming lss5. This is also super good news to Notion this could mean it has super high chance to secure the 500M aluminium extrusion projects from China partners.

Initial jobless claims in the US eased by 1,000 from the previous week to 219,000 in the second week of December, contrasting with market expectations that they would have risen to 224,000. It was the lowest reading since the near seven-month low of 213,000 from one month prior, suggesting that the US labor market remains tight ahead of the turn of the year, and so far aligning with the FOMC’s recent signal that inflation poses a bigger threat to the economy than a softening labor market, warran