Overview
The global economy in 2023 showed a
slowdown, affected by factors such as
continued geopolitical tensions and tightening
monetary policies to address inflation. As an
open economy, Malaysia's external sector was
affected by showing a negative performance.
Malaysia's total trade in 2023 amounted to
RM2.6 trillion, represented 7.3 per cent or a
RM206.6 billion decline as compared to 2022
was aligned with the reduction in both exports
and imports. The trade surplus narrowed by
16.0 per cent from RM256.2 to RM215.2 billion in 2023. Despite a reduction, trade surplus was
recorded for 26th consecutive year since 1998.
The challenging global economic landscape in
2023 was seen in parallel with regional
countries notably China, Taiwan, Republic of
Korea and Indonesia which recorded negative
trade growth.
Malaysia's main trading partner for 2023 were
China, followed by Singapore, the United
States and the European Union which
represented 48.2 per cent or RM1,269.9 billion
of Malaysia's total trade.
Performance of Exports
Exports was valued at RM1.4 trillion, exceeding
RM1 trillion for three consecutive years,
contracted by 8.0 per cent, corresponded with
the decline in both domestic exports and
re-exports.
Domestic exports reached a value of
RM1.1 trillion, contributing 77.9 per cent to total
exports and decreasing 9.1 per cent. At the
same time, re-exports with a value of
RM315.1 billion, reduced by 3.9 per cent as
compared to 2022.
This decline was in line with the global trend that
showed slowdown in demand and volatility in
commodity prices. Malaysia's exports was
dominated by electrical & electronic (E&E)
products worth RM575.5 billion or 40.3 per cent
of total exports, however recorded a contraction
of 3.0 per cent or RM17.5 billion as compared to
the previous year.
Chart 1 : Domestic Exports and Re-Exports, 2019-2023
Performance of Imports
Imports dropped by 6.4 per cent or
RM82.8 billion in 2023 from RM1.3 trillion in
2022. However, surpassing RM1 trillion for the
second year, reaching RM1.2 trillion in 2023.
The fall in imports was driven by a significant
drop in intermediate goods, while capital goods
and consumption goods showed an increase.
Chart 2 : Intermediate Goods, Capital Goods
and Consumption Goods, 2019-2023
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