Malaysia
  • Economy Overview

    Malaysia is a Southeast Asian country occupying the Malaysian Peninsula and part of the island of Borneo. It’s known for its beaches, rainforests and mix of Malay, Chinese, Indian and European influences. The sprawling capital, Kuala Lumpur, is home to colonial buildings, busy shopping districts such as Bukit Bintang and skyscrapers including the iconic, 451m-tall Petronas Twin Towers.
    Malaysia’s near-term economic outlook remains overall favorable, despite some risks. The economy has diversified from commodities and the Government has taken steps to broaden the revenue base by introducing a Goods and Services Tax in 2015. Short-term risks include further declines in oil prices and oil related taxes that still account for around 17 percent of public revenues, although this is partially compensated by the removal of fuel subsidies in 2014. Other risks are related to the volatility in capital flows from the normalization of US monetary policy. The long-term sustainability of this favorable outlook hinges on structural reforms to strengthen medium-term fiscal planning, and to boost capabilities and competition within the economy

  • General Information

    Economy name MALAYSIA
    Capital Kuala Lumpur
    Area 329,847 km²
    Climate Hot and humid throughout the year
    Population 31.2 million (2015)
    Language Bahasa Melayu (official)
    Currency Malaysian Ringgit (MYR)
  • Economic Indicators

    (Unit: USD, 2014)
    GDP USD 296.22 billion
    GDP per capita USD 10,876.73
    Economic Growth Rate 5.1%
    Total Exports USD 193.46 billion
    Total Imports USD 170.07 billion
    Trade Balance USD 23.0 billion
  • ▣ Trade Information

  • Export and Import Tendency

    Malaysia’s total trade for 2015 grew by 1.2% to reach RM1.466 trillion, compared to RM1.448 trillion in the previous year. This was supported by stronger growth of 5.1% in the second half (H2) of 2015 following a negative growth of 2.8% in the first half (H1). This was the 9th year that trade had exceeded RM1 trillion.
    The increase was contributed by higher trade with the People’s Republic of China (PRC), which increased by RM23.09 billion, ASEAN (↑RM12.38 billion), the United States of America (USA) (↑RM12.22 billion), the European Union (EU) (↑RM4.52 billion), Turkey (↑RM2.48 billion), India (↑RM1.59 billion), Switzerland (↑RM1.46 billion), Taiwan (↑RM1.29 billion) and Mexico (↑RM1.15 billion).
    Exports grew by 1.9% despite the challenging economic environment, to reach a value of RM779.95 billion. Exports during H2 2015 were resilient and turned around sharply to record a 6.8% growth from -3.1% recorded in H1 2015.
    Imports increased by RM2.71 billion, a marginal growth of 0.4% to RM685.65 billion. Faster growth of exports in 2015 resulted in a higher trade surplus of RM94.29 billion, representing Malaysia’s achievement of 18th consecutive year of trade surplus. The trade surplus registered a double-digit growth of 14.3%.

    (Unit: Million USD, %)
    Year Exports Rate of Change Import Rate of Change
    2014 218,885 195,142
    2013 205,714 195,280
    2012 205,714 173,342
    2011 199,400 163,885
    2010 182,514 151,085
    Top 5 Export Items Electrical & Electronic Products, Chemicals & Chemical Products, LNG, Palm oil & palm based products and Petroleum products.
    Top 5 Import Items Electrical & Electronic Products, Chemicals & Chemical Products, Machinery, appliances & parts, Petroleum products and Manufactures metal.
    Top 5 Export Partners Singapore, China, USA, Japan and Thailand
    Top 5 Import Partners China, Singapore, USA, Japan and Thailand
  • Duty and Customs Clearance

    www.customs.gov.my/en

  • Trade Agreements

    Taiwan in FTA
    International trade is an important contributor to Malaysia’s economic growth and development. Malaysia’s trade policy is to pursue efforts towards creating a more liberalizing and fair global trading environment. While Malaysia continues to accord high priority to the rule-based multilateral trading system under the World Trade Organisation (WTO), Malaysia is also pursuing regional and bilateral trading arrangements to complement the multilateral approach to trade liberalisation.

    For further information, kindly visit www.miti.gov.my

    Bilateral Free Trade Agreements;
    1. Malaysia – Australia
    2. Malaysia – Chile
    3. Malaysia – India
    4. Malaysia – Japan
    5. Malaysia – New Zealand
    6. Malaysia – Pakistan
    7. Malaysia – Turkey

    Regional Free Trade Agreements;
    1. AFTA
    2. ASEAN – Australia – New Zealand
    3. ASEAN – China
    4. ASEAN – India
    5. ASEAN – Japan
    6. ASEAN – Korea
    7. Developing Eight (D-8) Countries – Bangladesh, Indonesia, Iran, Egypt, Nigeria, Pakistan, Turkey, Malaysia
    8. Organisation of Islamic Conference (OIC)

    Under Negotiation;
    1. Malaysia – European Union
    2. Malaysia – European Free Trade Association
    3. ASEAN – Hong Kong

    FTA Signed but Pending Ratification and Entry Into Force;
    1. Trans Pacific Partnership Agreement (TPPA) – by 2018

  • ▣ Related Organization Website

  • Related Government Agencies

  • Related Associations