Sabah's trade tops RM100 billion for third straight year
Published on: Fri, Jul 04, 2025 Text Size: For illustrative purposes only - Getty Images/iStockphoto KOTA KINABALU: Sabah's total trade remained above RM100 billion for the third consecutive year in 2024, despite a drop in exports and a rise in imports. The Department of Statistics Malaysia (DOSM) reported Sabah's trade value at RM107.8 billion in 2024, with a 2.7 per cent year-on-year growth.
Advertisement Exports declined by 2.3 per cent to RM61.3 billion, while imports rose 10.2 per cent to RM46.4 billion, resulting in a lower trade surplus of RM14.9 billion compared to 2023. Chief Statistician Datuk Seri Mohd Uzir Mahidin said the top export commodities were crude petroleum (RM21.3 billion), palm oil (RM17.3 billion), and liquefied natural gas (RM4.6 billion). The main imports were refined petroleum products (RM5.2 billion), manufactured fertilisers (RM1 billion), and palm-based oleochemicals (RM266 million). * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
32 minutes ago
- Daily Express
Sabah's economy now at its best: Total trade value exceeds RM100 billion for third consecutive year
Published on: Saturday, July 05, 2025 Published on: Sat, Jul 05, 2025 Text Size: Dr Mohd Uzir said the three main commodities contributing to Sabah's exports in 2024 were crude petroleum valued at RM21.3 billion, followed by palm oil (RM17.3 billion) and Liquefied Natural Gas (RM4.6 billion). PUTRAJAYA: First it was confirmation by the Sabah Audit Department that Sabah recorded one of the highest state revenues in Malaysia with RM7.6 billion recorded in 2023. Now the Statistics Department's (DOSM) said Sabah's external trade registered a total value of RM107.8 billion in 2024 – surpassing the RM100 billion mark for the third consecutive year since 2022. Advertisement Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said Sabah's total trade registered a growth of 2.7 per cent, in terms of year-on-year basis. 'Exports amounted to RM61.3 billion in 2024, a decline of 2.3 per cent as compared to the previous year. Imports increased by 10.2 per cent, from RM42.2 billion to RM46.4 billion. 'The higher growth in imports resulted in a 27.9 per cent decline in the trade balance, with a lower trade surplus of RM14.9 billion in 2024,' he said in a statement Friday. Dr Mohd Uzir said the three main commodities contributing to Sabah's exports in 2024 were crude petroleum valued at RM21.3 billion, followed by palm oil (RM17.3 billion) and Liquefied Natural Gas (RM4.6 billion). 'Overall, the exports of these main commodities amounted to RM43.2 billion or 70.4 per cent of Sabah's total exports. 'As for imports, the main contributors were refined petroleum products at RM5.2 billion, manufactured fertilisers (RM1 billion) and palm-based oleochemicals (RM266 million),' he said. The publication presents statistics on the volume and value of Sabah's external trade with trading partners, along with detailed breakdowns by commodity classification. On Thursday, Sabah Audit Department Deputy Director Khairul Anuar Amat Johari said notwithstanding the RM2.9b public debt, Sabah's assets were valued at RM9.1b, while claimable loans were at RM1.26 billion and investments at RM7.9b. He said Sabah also did not face any shortage of funds to manage development projects. State Minister of Industrial Development and Entrepreneurship Datuk Phoong Jin Zhe said confirmation of a 2.7 per cent increase for 2024 reflects continued stability and growth in the state's economy, contrary to opposition claims. 'This shows a healthy performance and clearly disproves claims of a sharp decline in Sabah's trade,' he said. Phoong said he had written to DOSM to seek clarification on the matter, following some confusion earlier. According to DOSM's latest explanation, Sabah's total trade for 2024, including transactions with Peninsular Malaysia and Sarawak, was RM107.78 billion, compared to RM105 billion in 2023. International trade, based on country of origin and destination, reached RM43 billion in 2024. This is higher than the revised figure of RM41.4 billion for 2023, which included RM31 billion in exports. Phoong said the previously announced figure of RM158 billion was inaccurate and that DOSM's clarification helped restore public confidence in Sabah's trade data. 'This confirms that there was no drastic drop in 2024. On the contrary, both overall and international trade values recorded growth,' he said. He also noted that exports of manufactured goods rose by 9.3 per cent to RM12 billion in 2024, calling it a promising sign for the state's industrial sector. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
8 hours ago
- The Sun
Unit price index for steel slips in May
PETALING JAYA: The unit price index of steel showed a decrease between -0.1% and -3.1% in May 2025 compared to the previous month, according to Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin. The highest decrease was recorded in Miri (-3.1%), followed by Tawau (-2.4%) and Selangor, Kuala Lumpur, Malacca & Negeri Sembilan (-2.3%). The unit price index of this material has recorded a decline for five consecutive months. Mohd Uzir said the unit price index of steel and metal sections showed a decline between -0.1% and -3.5% in May 2025 compared to the previous month. The highest decrease was recorded in Miri (3.5%), followed by Penang, Kedah & Perlis (-1.2%). Meanwhile, the price index per unit of cement remained unchanged for almost all areas in Peninsular Malaysia, Sabah and Sarawak. On the contrary, the unit price index for this material recorded a slight increase in several areas namely Selangor, W.P. Kuala Lumpur, Malacca & Negeri Sembilan (0.4%) and Penang, Kedah & Perlis (0.3%). An annual comparison for the period of May 2024 and May 2025 indicated that the unit price index of cement increased between 0.1% to 3.5% for almost all areas in Peninsular Malaysia, Sabah and Sarawak. The highest increase was recorded in Johor and Tawau (3.5%), followed by Pahang (3.3%). Nevertheless, an annual comparison of the unit price index of steel recorded a decrease between -2.2% to -15.5% in May 2025 as compared to the same month last year for almost all areas in Peninsular Malaysia, Sabah and Sarawak. Mohd Uzir said that the average price per unit of steel, consisting of mild steel round bars and Mycon 60 high tensile deformed bars recorded a slight decrease (-0.4%) with an average price of RM3,476.75 per metric tonne as compared to the previous month (April 2025: RM3,490.80 per metric tonne). Meanwhile, the average price of Ordinary Portland cement showed a slight increase (0.2%), with an average price of RM23.75 per 50kg bag as compared to April 2025 (RM23.70 per 50kg bag). BCI with steel bars for all building categories in Peninsular Malaysia recorded a decrease between -0.1% to -0.9% in May 2025 as compared to the previous month. The decrease for BCI with steel was recorded for almost all building categories except in Perak. BCI with steel bars in Sabah also registered a slight increase between 0.1% to 0.3% for almost all building categories in Kota Kinabalu and Sandakan in May 2025 as compared to the previous month. Meanwhile, BCI in Tawau recorded a decrease between 0.3% to 0.7% for almost all categories of building. A monthly comparison of BCI with steel bars in Sarawak also recorded a slight decrease between -0.1% and -1.6% for almost all categories of buildings except in Kuching.
Borneo Post
12 hours ago
- Borneo Post
Sarawak achieves RM71.1 bln trade surplus in 2024 amid global challenges
Exports remained the key driver of Sarawak's trade performance, expanding by 3.1 per cent to RM134.9 billion in 2024. Imports also registered a modest increase of 1.9 per cent, totalling RM63.8 billion. — Bernama photo KUCHING (July 4): Sarawak recorded at total trade value of RM198.7 billion in 2024, achieving a trade surplus of RM71.1 billion despite challenges posed by global market uncertainties and geopolitical tensions. According to the Sarawak External Trade Statistics for Reference Year 2024 released on Thursday, the figure represents a 2.7 per cent increase in total trade compared to the previous year, underscoring the state's resilience amid fluctuating external conditions. Exports remained the key driver of Sarawak's trade performance, expanding by 3.1 per cent to RM134.9 billion in 2024. Imports also registered a modest increase of 1.9 per cent, totalling RM63.8 billion. Meanwhile, the trade balance saw a year-on-year rise of 4.2 per cent, reaching RM71.1 billion. Chief Statistician Dato Sri Dr Mohd Uzir Mahidin attributed the growth to firm global demand and higher commodity prices, particularly for crude palm oil. Japan emerged as Sarawak's largest export destination in 2024, with export values rising 1.4 per cent to RM29.1 billion. Liquefied natural gas (LNG) dominated the export basket to Japan at RM25.4 billion, followed by wood products (RM1.4 billion) and iron and steel products (RM0.8 billion). 'Japan alone accounted for a significant portion of Sarawak's overall export revenue,' stated the report. China remained another key market, although exports there experienced a slight dip of 1.7 per cent to RM18.2 billion. LNG exports to China amounted to RM13.5 billion, while manufactured metal products and palm oil-related items were also notable contributors at RM1.1 billion and RM0.9 billion, respectively. China still made up 13.5 per cent of Sarawak's total exports. Exports to Asean countries fell by 2.8 per cent to RM16.9 billion, down from RM17.4 billion in 2023. The decline was largely due to reduced exports of electrical and electronic (E&E) products, which plunged by RM1.6 billion or 70.9 per cent. Crude petroleum exports fell by RM1.1 billion, while sawn timber and moulding exports saw a sharp decline of 64.9 per cent. Among Asean nations, Thailand was Sarawak's top export destination in the region, accounting for 39.8 per cent of exports valued at RM6.7 billion. Brunei Darussalam followed with RM2.9 billion (17.5 per cent), and Vietnam at RM2.8 billion (16.7 per cent). Dr Mohd Uzir also highlighted that alongside Japan and China, the Republic of Korea, Peninsular Malaysia, and India made up the top five of Sarawak's key export destinations in 2024. Collectively, Japan and China alone accounted for 35.1 per cent of Sarawak's total exports, valued at RM47.3 billion. 'While there were contractions in some sectors and destinations, overall trade performance remained positive, driven by resilience in major commodities and select manufacturing and agricultural exports,' he said. He added the data compiled in the report was based on physical transactions of goods at the entry and exit points of the state, offering an accurate representation of Sarawak's external trade footprint.
