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THE government’s targeted efforts in strengthening Malaysia’s trade relations, particularly with emerging markets and through digital platforms, have played a crucial role in achieving record trade figures.
Deputy Investment, Trade and Industry Minister Liew Chin Tong, in the Dewan Negara today, said: “As the global economy continues to evolve, these strategies ensure that Malaysia remains competitive on the international stage while also nurturing the local economy.
Liew said this in reply to Senator Datin Ros Suryati Alang’s request made to the Minister of Investment, Trade and Industry (MITI) to elaborate on the factors behind Malaysia’s impressive trade performance, which saw a 9.2% increase in trade value, reaching a record high of RM2.879 trillion by the end of 2024, marking the fourth consecutive year Malaysia’s trade has surpassed the RM2 trillion mark.
Liew told the Senate today, in 2024, Malaysia’s key trading partners, including ASEAN, China, the United States (US), and the European Union (EU), all experienced robust economic growth.
“This has contributed significantly to the rise in Malaysia’s foreign trade, particularly due to the high demand for high-tech goods such as electrical and electronic (E&E) products, as well as machinery, equipment, and tools,” he said.
Exports of electrical and electronic goods rose by 4.5%, amounting to RM 601.21 billion, while machinery, equipment, and tools saw an impressive 20.5% increase, reaching RM 69.01 billion in 2024.
The growth in these sectors reflects the global demand for advanced technology, especially integrated circuits (ICs), in line with the rise of artificial intelligence (AI) and other technological advancements, he explained.
“Malaysia continues to play a pivotal role in the global semiconductor supply chain, ranking as the world’s sixth-largest exporter of semiconductors, accounting for a market share of 7%. This positions the country as a key player in the growing global demand for these critical components, underlining the importance of the local electronics sector,” he added.
Other aspects of the positive results were initiated by MITI, through its agency MATRADE, which implemented a range of initiatives to further bolster the export of local products.
Liew explained that these efforts involved targeting growing economies, where Malaysia aims to tap into new opportunities for trade and strengthen ties with key regions, expanding promotional efforts to new cities, beyond the traditional metropolitan hubs, to access previously untapped markets and promoting exports through strategic partnerships with countries under Free Trade Agreements, ensuring Malaysian products gain easier access to these markets.
Additionally, MITI and Matrade will facilitate connections between premium foreign buyers and local exporters to create more opportunities for cross-border trade and enhancing Malaysia’s involvement in leading international trade fairs continues to showcase local products to a wider global audience, while expanding e-Commerce and digital export programmes through the eTRADE and eBizlink to improve its online export capabilities, driving cross-border e-commerce and opening new avenues for businesses to reach international markets Liew added. – March 24, 2025
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