MALAYSIA'S TOTAL TRADE UP 2.1 PCT TO RM244.3 BLN IN OCTOBER - DOSM

KUALA LUMPUR, Nov 19 (Bernama) -- Malaysia's total trade increased 2.1 per cent to RM244.3 billion in October 2024, up from RM239.3 billion a year earlier, driven by growth in both exports and imports, the Department of Statistics Malaysia (DOSM) said.

Chief statistician Datuk Seri Mohd Uzir Mahidin reported that exports grew by 1.6 per cent, or RM2.0 billion, while imports increased by 2.6 per cent to RM116.1 billion.

"Malaysia's exports increased in line with the growth in domestic exports in October 2024. Domestic exports, which accounted for 77.6 per cent of total exports, increased by 3.1 per cent compared to October 2023, reaching RM99.4 billion.

"Meanwhile, re-exports, which made up 22.4 per cent of total exports, declined by 3.5 per cent to RM28.7 billion," he said in a statement.

Similarly, imports increased by 2.6 per cent to RM116.1 billion.

The trade surplus, however, fell by 7.6 per cent to RM12.0 billion, marking the 54th consecutive month of surplus since May 2020.

Month-on-month (m-o-m), Mohd Uzir noted that exports, imports, and total trade saw increases of 3.7 per cent, 4.8 per cent, and 4.2 per cent, respectively. Conversely, the trade balance decreased by 6.2 per cent m-o-m.

For the period January to October 2024, total trade, exports, and imports also posted growth.

"Total trade grew by 9.3 per cent to RM2.4 trillion from RM2.2 trillion, in line with the rise in exports (+4.8 per cent) as well as imports (+14.6 per cent).

"On the contrary, the trade surplus decreased by 46.3 per cent as compared to the same period in 2023 to post a value of RM102.8 billion," he added.

-- BERNAMA