Malaysia’s exports recovery expected in 2024 | World | Vietnam+ (VietnamPlus)

Saturday, April 27, 2024 - 16:11:34

Malaysia’s exports recovery expected in 2024 hinh anh 1

Malaysia’s exports recovery expected in 2024. (Photo: thestar.com.my)

Kuala Lumpur (VNA) - 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.

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

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

In addition, the Malaysian Ministry of Finance has projected that exports of goods in the manufacturing sector will increase by 5.5%.

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

VNA

Topics: Post-pandemic recovery

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