Malaysia exported US Dollar 299 billion worth of goods
internationally in 20211. In 2022, the total trade
reached record levels, rising by 27.8% to RM2.85
trillion2. Export for the year under review also rose by
25% to RM1.55 trillion, exceeding the 12th Malaysia Plan
projections for 20253. The imports of goods and services
of GDP is 55.03% and 61.47% for exports of goods and
services.4
MITI reported that there had been a significant rise in exports
which was due to the robust exports of electrical and electronics,
petroleum products, liquefied natural gas (LNG), palm oil and
palm-oil based agricultural products, crude petroleum and
machinery, equipment and parts, each contributed more than RM10
billion increase.5 Based on the Economic Outlook 2023 by
the Finance Ministry, Malaysia's trade is expecting to grow
by 1.3%, exports are estimated to increase by 2.2% and imports by
0.2%.6 Thus, many businesses in Malaysia are involved in
International Trade.
