In a statement, Miti said exports increased by 5.1% to RM862.23 billion and imports by 15.5% to RM789.71 billion during the seven months, resulting in a trade surplus of RM72.52 billion.

Exports of manufactured goods expanded by 4.8% y-o-y to RM735.76 billion owing to solid exports of machinery, equipment and parts, iron and steel products as well as manufactures of metal.

Exports of mining goods edged up by 4.3% to RM62.85 billion, aided by strong exports of crude petroleum and liquefied natural gas (LNG).

Meanwhile, exports of agricultural goods rose 7.9% to RM57.75 billion on the back of increased exports of palm oil and palm oil-based agriculture products and natural rubber.

On the performance for July 2024 alone, Miti said trade jumped 18.3% y-o-y, the fastest rate in 21 months.

The ministry said the value reached RM255.88 billion, the highest since October 2022.

“Exports continued their upward trajectory for the fourth consecutive month, expanding by 12.3% to RM131.15 billion while imports increased by 25.4% to RM124.73 billion.

“The trade surplus amounted to RM6.42 billion, marking the 51st consecutive month of surplus since May 2020,” it said.

Miti said export growth was primarily driven by increased demand for palm oil and palm oil-based agriculture products, machinery, equipment and parts, petroleum products, and electrical and electronic (E&E) products.

Exports to major trading partners, namely Asean, the US, the EU and Taiwan recorded double-digit growth.

The ministry said that compared to June 2024, trade, exports and imports grew by 7.6%, 4.1% and 11.6%, respectively.

Miti said all major sectors registered a strong double-digit export growth in July 2024.

It said in July 2024, trade with Asean, which made up 27.8% of Malaysia’s total trade, grew 16.8% y-o-y to RM71.07 million for the fifth consecutive month of growth.

Exports, which had increased consistently since April 2024, climbed 16% to RM40.12 billion while imports from Asean rose 17.8% to RM30.95 billion.

It said double-digit growth in exports was recorded to major Asean markets, including Singapore (up 18.1% y-o-y to RM21.06 billion), Thailand (up 10% to RM5.56 billion), and Vietnam (up 13.8% to RM4.95 billion) as a result of strong exports of petroleum products.

Meanwhile, trade with China, which contributed 16.3% to Malaysia’s total trade in July 2024, increased by 12.6% y-o-y to RM41.72 billion, the fourth consecutive month of double-digit expansion.

Trade with the US, which represented 12.4% of Malaysia’s total trade, surged by 49.4% y-o-y to RM31.76 billion.

Exports grew by 30.9% to RM17.79 billion, marking the highest export value thus far, led by higher demand for E&E products, machinery, equipment and parts, as well as palm oil and palm oil-based agriculture products.

Meanwhile, imports from the US soared by 82.2% to RM13.98 billion.

Miti said Malaysia’s robust gross domestic product (GDP) growth of 5.9% in the second quarter of 2024, which is set to pave the way for the country to achieve Bank Negara Malaysia’s (BNM) growth forecast of 4%-5% for 2024, will enhance investor confidence and unlock further trade opportunities.

“Globally, the World Trade Organization (WTO) has forecast that the volume of world merchandise trade will grow by 2.6% in 2024, a substantial rise from the negative growth of 1.2% recorded in 2023.

“Global economic conditions seem to have improved month by month, attributed to increased global demand although the WTO has cautioned that geopolitical tensions and political uncertainty may limit the scale of the global trade recovery,” Miti said.

Miti said the ministry and its agencies will remain vigilant to global external shocks that could impact Malaysia’s growth trajectory.