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Borneo Post
04-07-2025
- Business
- 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.
The Sun
04-07-2025
- Business
- The Sun
Sarawak trade hits RM198.7 billion with RM71.1 billion surplus in 2024
KUCHING: Sarawak achieved a total trade value of RM198.7 billion in 2024, marking a 2.7 per cent increase from the previous year. The state also recorded a trade surplus of RM71.1 billion, up 4.2 per cent, despite global economic uncertainties. Higher commodity prices, particularly crude palm oil, and strong demand for liquefied natural gas (LNG) and crude petroleum were key contributors to this growth. Exports rose by 3.1 per cent to RM134.9 billion, while imports increased by 1.9 per cent to RM63.8 billion. Japan and China remained Sarawak's top export destinations, accounting for 35.1 per cent of total exports. Shipments to Japan reached RM29.1 billion, led by LNG (RM25.4 billion), wood products (RM1.4 billion), and iron and steel (RM0.8 billion). Exports to China, however, dipped slightly to RM18.2 billion, with LNG (RM13.5 billion) and palm oil (RM0.9 billion) as major contributors. Other significant markets included South Korea, Peninsular Malaysia, and India. The Department of Statistics Malaysia (DoSM) attributed the state's resilient performance to stable global demand despite geopolitical tensions. - Bernama
