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Malaysia’s exports recovery expected in 2024

Malaysia's trade in the first quarter of 2024 has seen positive signs thanks to the recovery of important markets, thereby supporting the country's economic development in this year.
Malaysia’s exports recovery expected in 2024 ảnh 1Malaysia’s exports recovery expected in 2024. (Photo: thestar.com.my)

Kuala Lumpur (VNA) - Malaysia's trade inthe first quarter of 2024 has seen positive signs thanks to the recoveryof important markets, thereby supporting the country's economic development inthis year.

Maybank Investment Bank (IB) has forecast thecountry’s exports and imports to rebound by 4.7% and 5.6%, respectively. Amajor driver for the projected exports rebound this year is the forecastturnaround in the electronics cycle, as the World Semiconductor TradeStatistics expects global semiconductor sales to rebound by 13.1% in 2024.

Meanwhile, the Public Investment Bank (PIVB) said 2024is a promising year for Malaysia's electrical and electronic (E&E)exporters, as exports of E&E products account for more than 40% of thecountry's total.

In addition, the Malaysian Ministry of Finance hasprojected that exports of goods in the manufacturing sector will increase by5.5%.

Earlier, Malaysia's Ministry of Investment, Trade andIndustry (MITI) on February 20 said the country's total trade turnover in thefirst month of 2024 increased by 13.3% year-on-year, reaching 234.73 billionMYR (nearly 49 billion USD), of which exports rose 8.7% to 122.43 billion MYRand imports climbed to 18.8% to 112.3 billion MYR. This was the first increaseafter 10 consecutive months of decline./.

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