Sarawak Records Total Trade Of RM198.7 Bln, RM71.1 Bln Surplus In 2024

KUCHING, July 4 (Bernama) -- Sarawak recorded a total trade of RM198.7 billion and a trade surplus of RM71.1 billion in 2024, despite facing external uncertainties such as global market fluctuations and geopolitical tensions, according to the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said higher commodity prices, particularly crude palm oil, supported by firm global demand, were the primary growth drivers of Sarawak’s trade performance.

He said major exports including palm oil, liquefied natural gas (LNG) and crude petroleum remained strong thereby driving trade growth.

“In 2024, Sarawak recorded a total trade of RM198.7 billion, marking an increase of 2.7 per cent compared to 2023. The trade balance also grew by 4.2 per cent to RM71.1 billion.

“Both exports and imports showed an upward trend. Exports expanded by 3.1 per cent to RM134.9 billion while imports surged by 1.9 per cent to RM63.8 billion,” Mohd Uzir said in a statement.

Japan, China, South Korea, Peninsular Malaysia and India were Sarawak’s top five major export destinations in 2024.

In 2024, Japan and China were the main export destinations for Sarawak, accounting for 35.1 per cent of the state's total exports, valued at RM47.3 billion.

Exports to Japan reached RM29.1 billion, an increase of 1.4 per cent year-on-year. The main products exported to Japan were LNG valued at RM25.4 billion, followed by wood products valued at RM1.4 billion and iron and steel products at RM0.8 billion.

Exports to China were valued at RM18.2 billion and they account for 13.5 per cent of Sarawak’s total exports, declining by 1.7 per cent or RM0.3 billion compared to the previous year.

LNG remained the primary export product to China, amounting to RM13.5 billion, followed by manufactured metal products at RM1.1 billion, while palm oil and palm-based products at RM0.9 billion.

-- BERNAMA