Dubai – The CEO of the Malaysia External Trade Development Corporation (MATRADE), Mohd Mustafa Abdul Aziz, announced that the total sales recorded during the “MIHAS@Dubai” exhibition, which concluded yesterday in Dubai, amounted to USD 510 million. He highlighted that the UAE accounted for 42% of Malaysia’s total trade with Gulf countries during the period from January to October 2024, reflecting an 11.3% growth compared to the same period last year, reaching USD 7.98 billion, and described the UAE as a leading destination for Malaysian exports.
He said: “As the largest destination for Malaysia’s exports in the GCC, the UAE contributed a share of 55.3% or USD 2.61 billion. Malaysian exports to the UAE increased by 3.0% compared to the same period in 2023, driven by higher exports of jewellery, petroleum products, processed foods, as well as machinery, equipment, and parts.”
Regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Malaysia, the CEO of MATRADE stated: “It is expected to be signed soon. The agreement will provide additional benefits, including the elimination of customs duties on certain exports, enhanced cooperation in supply chains and investment, the removal of unnecessary trade barriers, and strengthened collaboration between the private sectors in both countries. These measures will open new horizons for investment, following the successful conclusion of negotiations last October in Kuala Lumpur.”
Abdul Aziz emphasized that the agreement will allow Malaysian exporters to benefit from zero import duties on many products, thereby improving their access to markets in the Middle East, North Africa, and Europe. He noted that this agreement is the first of its kind for Malaysia with the Gulf Cooperation Council (GCC) countries.
He stated: “non-oil trade between the two countries reached USD 2.5 billion during the first half of 2024, reflecting a 7% increase compared to the same period last year. Malaysia is the second-largest trading partner of the UAE in the Arab world, accounting for 32% of Malaysia’s total trade with Arab countries, while the UAE ranks 12th among Malaysia’s largest trading partners in Asia and fifth among the countries of the Association of Southeast Asian Nations (ASEAN).”
The CEO of MATRADE added: “During the first ten months of 2024, Malaysia’s trade with GCC countries grew by 0.6% to USD 19.00 billion compared to the same period in 2023. Exports increased by 5.8% to USD 4.72 billion, driven by higher demand for petroleum products, metal products, jewellery, machinery, equipment, and parts. However, imports from GCC countries declined by 1.0% to USD 14.27 billion.”
The primary products exported to the UAE included jewellery (23.3%), electricity and energy products (20.7%), petroleum products (6.5%), processed food (5.2%), as well as palm oil and palm oil-based agricultural products (5.0%).
Abdul Aziz further stated: “Malaysia’s imports from the UAE increased by 15.8% compared to the same period in 2023, reaching USD 5.36 billion. Key non-oil import products included metal manufactures (4.6%), jewellery (4.2%), chemicals and chemical products (3.6%), other vegetable oils (1.0%), and mineral ores and scrap metal (1.0%).”
Speaking about Malaysia’s global trade performance, Abdul Aziz noted: “Malaysia’s total global trade from January to October 2024 amounted to USD 519.06 billion (+8.0%), with total exports of USD 270.73 billion (+3.6%) and total imports of USD 248.34 billion (+13.2%), resulting in a trade surplus of approximately USD 23.05 billion.”
Compared to September 2024, trade, exports and imports in October 2024 were higher by 4.2%, 3.7% and 4.8%, respectively.
According to the recently published Economic Outlook 2025, Malaysia’s trade is
projected to grow by 9.4% in 2024, with exports and imports increasing by 5.6% and
13.8%, respectively. Additionally, Malaysia’s Gross Domestic Products (GDP) growth in the third quarter of 2024 remained robust, expanding by 5.3%, marking the third
consecutive quarter of strong growth. This positions the country well on track to meet
the Ministry of Finance’s (MOF) GDP growth forecast of between 4.8% to 5.3% in 2024.
During the first 10 months of 2024, exports of manufactured goods were up by 4.8% to compared to the corresponding period in 2023, underpinned by robust exports of machinery, equipment and parts, E&E products as well as processed food.
Exports of agriculture goods expanded by 9.4% to RM85.57 billion on higher shipments of palm oil and palm oil-based agriculture products as well as natural rubber.