Malaysia-Qatar 2024 Trade Up 49% To $1.38Bn Global Trade Jumps 9.1%

(MENAFN- Gulf Times) Malaysia's trade volume with Qatar stood at $1.38bn in 2024, registering a substantial 49% increase, according to the Malaysia External Trade Development Corporation (MATRADE).
At the same time, the Southeast Asian nation's global trade in 2024 registered a 9.1% year-on-year (y-o-y) growth, recording a value of $630.46bn, figures provided by MATRADE showed.
Megat Iskandar Ahmad Dassilah, MATRADE's trade commissioner in Dubai, emphasised that Qatar“remains an important trade partner for Malaysia.” He said Malaysia's key exports to Qatar include machinery, equipment and parts, petroleum products, processed food, palm oil products, and manufactured metal goods. Malaysia, on the other hand, continues to source crude petroleum, petroleum products, and chemical products from Qatar, he said.
“There are numerous opportunities for collaboration between Malaysian and Qatari businesses, particularly in sectors, such as technology, renewable energy, healthcare, and halal industries. MATRADE, through its office in Doha, remains committed to supporting and assisting businesses from both nations.
“This year, MATRADE will continue to organise numerous trade events, including the world's largest halal event, the Malaysia International Halal Showcase (MIHAS), and the inaugural International Healthcare Week (IHW) 2025. We look forward to greater participation from Qatari companies in these events,” Dassilah pointed out.
On the global front, Malaysia's trade performance continued to deliver“outstanding performance” last year, MATRADE reported, noting that exports and imports rebounded in 2024 with trade amounting to $630.46bn or a 9.1% y-o-y increase. Exports rose 5.6% to $330.25bn while imports increased by 13.1% y-o-y to $300.20bn.“This exceptional performance has resulted in a trade surplus of $30.05bn for the 27th consecutive year since 1998,” MATRADE stated.
Exports to major trading partners, namely Asean, the US, the EU, and Taiwan increased, with exports to the US and Taiwan reaching“an all-time high.” Taiwan officially became Malaysia's fourth largest trading partner, reflecting the strengthening of bilateral trade partnerships and growing trade opportunities, according to MATRADE.
The trade agency noted that free trade agreements (FTAs) have played a pivotal role in providing local businesses with greater access to international markets. Exports to FTA markets expanded this year, reversing the contraction seen in 2023, stated MATRADE.
“Canada was one of those export destinations which recorded growth, driven by higher demand for electrical and electronic (E&E) products while exports to Turkiye soared to a new record high, fuelled by the increased shipments of iron and steel products.
“Diversification strategies targeting emerging markets have also played an equally important role in contributing to export growth, particularly to countries, such as Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya, and notably Kenya, Oman, and Namibia, which rose to a new record level,” MATRADE also stated.
In terms of products, export expansion in 2024 was driven by strong performance in both manufactured and agricultural products. This growth was led by increased shipments of machinery, equipment and parts, and processed food, as well as optical and scientific equipment, which had recorded the highest value ever, stated MATRADE.
It also stated that electrical and electronics (E&E) products, palm oil and palm oil-based agriculture products, and the manufacture of metal and rubber products also contributed to the expansion. Additionally, exports of E&E products along with machinery, equipment and parts posted increases of more than $2bn, respectively.
“Despite the challenging global economic landscape, the Ministry of Investment, Trade and Industry (MITI) Malaysia and its trade promotion agency, MATRADE, are committed to strengthening international trade as a cornerstone for sustaining long-term economic growth,” MATRADE added.

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