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Focus Malaysia
5 days ago
- Business
- Focus Malaysia
Sabah powers past RM100b in trade for a 3rd successive year since 2022
WHILE global economic uncertainty continues to dominate headlines, Sabah has quietly delivered another strong performance by recording almost RM108 bil in total trade for 2024. This marks the third consecutive year the state has crossed the RM100 bil threshold. The latest figures were released by the Department of Statistics Malaysia (DOSM) in its Sabah External Trade Statistics July 2025 report. 'Sabah's trade remained resilient, registering a total trade value of RM107.8 bil in 2024, surpassing the RM100 bil mark for three consecutive years since 2022,' revealed Malaysia's Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin in a recent media statement. In a year defined by shifting global trade patterns and inflationary pressures, the numbers point to a state that is doing something right, steadily and quietly. The numbers also reaffirm Sabah's position as one of Malaysia's most consistent and resilient trade performers. As in previous years, Sabah's export strength was led by crude petroleum, palm oil and liquefied natural gas (LNG) which together made up more than 70% of the state's total exports. In 2024, Sabah's exports stood at RM61.3 bil while imports rose to RM46.4 bil, resulting in a trade surplus of RM14.9 bil. Praiseworthy effort Regional economists contended that while the overall trade surplus dipped slightly, the broader picture is far from negative. Sabah's performance still reflects a well-managed trade portfolio, especially as it balances between domestic and international markets. 'You don't hit over RM100 bil in trade for three straight years without solid planning,' reacted one economist. 'Sabah is showing signs of becoming a long-term trade player. Not just a resource exporter, but a serious part of Malaysia's economic engine.' Interestingly, while exports to Peninsular Malaysia dropped by 7.2%, exports to other countries increased slightly (by 0.9%). The fall in domestic exports was largely due to reduced demand for crude petroleum, palm oil and palm-based oleochemicals. This showed that Sabah is not only relying on domestic trade but is also growing its role on the global stage. It's a small but telling shift as it suggests Sabah is surging ahead in global relevance and not just relying on internal demand. Meanwhile, imports showed notable increases from Indonesia (+49.7%), Thailand (+7.5%) and China (+2.4%). These were mainly in sectors like food, fertilisers and industrial supplies. Analysts attributed this to growing consumer demand and industrial expansion within the state. Imports from Peninsular Malaysia grew by 14.9% to reach RM30.1 bil, a rise of RM3.9 bil compared to 2023. 'Sabah's import mix is changing and that's not a bad thing,' explained a senior trade consultant. 'It suggests that more is happening inside the state such as increased production, consumption and more value being added locally.' Sabah's top international trade partners include China, Thailand, South Korea, Japan and India. While trade with Peninsular Malaysia remains significant, the balance is shifting subtly and steadily toward regional and global markets. Adding to this momentum is a boost in credibility. Malaysia was recently ranked No. 1 in the world for open data by the Open Data Inventory (ODIN). This is a major leap forward from its previous 67th ranking. It's a win that not only reflects well on national agencies but also signals that data from Sabah and other states is being trusted internationally. Looking ahead, Malaysia will chair the ASEAN Community Statistical System Committee (ACSS15) in 2025. This is a leadership role that could open new pathways for regional trade collaboration. With its consistent numbers and growing connections, Sabah is well positioned to play a part in that larger ASEAN story. 'This isn't just about trade values,' justified a spokesperson from the Sabah Chief Minister's office. 'It's about building systems that work. Sabah is proving that even being far from the nation's capital is not an issue as with the right data and strategy, we can lead in our own way.' – July 8, 2025
Daily Express
05-07-2025
- Business
- 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
Borneo Post
04-07-2025
- Business
- Borneo Post
Sabah's trade remains strong and stable - DOSM
Phoong KOTA KINABALU (July 4): Sabah's economy remains stable and continues to experience positive growth momentum, according to a recent statement by the Department of Statistics Malaysia (DOSM), said Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe. Quoting DOSM's 4 July 2025 release titled 'Sabah's trade remained resilient, exceeding RM100 billion for three consecutive years despite challenges in the economic landscape,' Phoong said the report confirms that Sabah's total trade for 2024 was valued at RM107.8 billion, representing a 2.7% growth compared to 2023. 'This reassures us that Sabah's trade performance remains robust, directly contradicting earlier claims of a steep decline,' he said. Phoong explained that he had previously sought clarification from DOSM regarding an unusually high figure in 2023, when Sabah's total trade was reportedly RM158 billion, followed by a significant drop to RM43 billion in 2024 based on international trade data. He said the DOSM clarification provides a more accurate understanding: 'If you look at the trend from 2019 to 2022, Sabah's trade consistently ranged between RM36 billion and RM58 billion. Then in 2023, it suddenly jumped to RM158 billion, raising questions.' Phoong welcomed DOSM's explanation, which clarified that Sabah's total trade — including transactions with Peninsular Malaysia and Sarawak — reached RM107.78 billion in 2024, compared to RM105 billion in 2023. These figures represent all physical transactions passing through Sabah's entry and exit points. Meanwhile, international trade (based on country of origin and destination) stood at RM43 billion in 2024, aligning with DOSM's earlier figures released on 16 June. 'As for the confusion surrounding the 2023 figures, I appreciate DOSM's clarification that international trade for that year was actually RM41.4 billion, with exports at RM31 billion — not RM158 billion as previously cited.' He added that this confirms Sabah's trade has grown year-on-year, both in total and international terms, and that claims of a sharp decline in 2024 are inaccurate. 'Nevertheless, I regret the confusion caused by inconsistent data previously announced,' Phoong said. He also highlighted that DOSM reported a 9.3% increase in Sabah's manufactured goods exports, reaching RM12.0 billion — a highly encouraging indicator for the state's industrial sector. Additional trade statistics shared by Phoong include: Exports in 2024: RM61.3 billion Imports in 2024: RM46.4 billion (up 10.2%) Trade surplus: RM14.9 billion (a 27.9% decrease from the previous year)
Daily Express
04-07-2025
- Business
- Daily Express
Sabah's trade tops RM100 billion for third straight year
Published on: Friday, July 04, 2025 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
