Malaysia exported US$329.5 billion worth of products around the globe in 2024.
That dollar sum results from a 41.1% expansion compared to $233.6 billion in export revenues during 2020.
Year over year, the overall value of Malaysian exported products grew by 5.3% from $313 billion in 2023.
Malaysia’s 5 best customers for its exported products are Singapore, United States of America, mainland China, Hong Kong and Japan. Those 5 major trade partners accounted for over half (52.3%) of worldwide Malaysian export revenues for 2023.
Apply a continental lens, more than two-thirds (69.4%) of Malaysian exports by value was delivered to countries located in fellow Asian nations while 14.9% was sold to importers in North America. Malaysia shipped another 8.8% worth of products to buyers in Europe.
Smaller percentages went to customers in Oceania (3.9%) led by Australia and New Zealand, Africa (2.1%), then Latin America (0.9%) excluding Mexico but including the Caribbean.
Malaysia’s Top Trading Partners
Below is a list showcasing 25 of Malaysia’s top trading partners, countries that imported the most Malaysian shipments by dollar value during 2021. Also shown is each purchasing country’s percentage of total Malaysian exports.
- Singapore: US$50.4 billion (15.3% of Malaysia’s total exports)
- United States: $43.4 billion (13.2%)
- mainland China: $41 billion (12.4%)
- Hong Kong: $19.4 billion (5.9%)
- Japan: $18.1 billion (5.5%)
- Taiwan: $14.6 billion (4.4%)
- Thailand: $12.9 billion (3.9%)
- Indonesia: $11.9 billion (3.6%)
- South Korea: $11.8 billion (3.6%)
- Vietnam: $11.8 billion (3.6%)
- India: $11.4 billion (3.5%)
- Australia: $10.8 billion (3.3%)
- Netherlands: $7.8 billion (2.4%)
- Germany: $7.1 billion (2.1%)
- Philippines: $6.1 billion (1.8%)
- Türkiye: $4.5 billion (1.4%)
- Mexico: $4.1 billion (1.3%)
- United Arab Emirates: $3.2 billion (1%)
- Bangladesh: $2.6 billion (0.8%)
- United Kingdom: $1.9 billion (0.6%)
- Belgium: $1.7 billion (0.5%)
- Saudi Arabia: $1.6 billion (0.5%)
- Italy: $1.47 billion (0.4%)
- Canada: $1.42 billion (0.4%)
- Spain: $1.38 billion (0.4%)
Over nine-tenths (91.8%) of Malaysian exports in 2023 was delivered to the above 25 trade partners.
There were 6 double-digit gainers among the top Malaysian export customers. These were Canada (up 55.2% from 2023), Taiwan (up 54%), United States of America (up 22.4%), Türkiye (up 16.6%), India (up 13.9%) and Spain (up 11.5%).
The strongest year-over-year decliners were Belgium (down -15% from 2023), Japan (down -4%), South Korea (down -3.9%), mainland China (down -2.8%), and the United Kingdom (down -2.4%).
Countries Causing the Greatest Trade Deficits for Malaysia
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Malaysia incurred the highest trade deficits with the following countries.
- mainland China: -US$23.8 billion (country-specific trade deficit in 2024)
- Taiwan: -$9.2 billion
- Saudi Arabia: -$6.5 billion
- Ireland: -$5.1 billion
- United Arab Emirates: -$2.9 billion
- Brazil: -$2.6 billion
- Indonesia: -$1.64 billion
- Argentina: -$1.55 billion
- Switzerland: -$1.4 billion
- Ivory Coast: -$971 million
Among Malaysia’s trading partners that generate the greatest negative trade balances, Malaysian surpluses with Switzerland (up 73%), mainland China (up 63.4%) and Brazil (up 61.3%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate Malaysia’s competitive disadvantages with the above countries, but also represent key opportunities for Malaysia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Greatest Trade Surpluses for Malaysia
Malaysia posted an overall US$30 billion surplus on goods traded during 2024, reducing -36.2% from $47 billion in black ink one year earlier in 2023.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Malaysia incurred the highest trade surpluses with the following countries.
- United States: US$15.9 billion (country-specific trade surplus in 2024)
- Hong Kong: $15.8 billion
- Singapore: $14.3 billion
- Netherlands: $6.6 billion
- Vietnam: $5.4 billion
- India: $4.5 billion
- Philippines: $3.8 billion
- Türkiye: $3.7 billion
- Australia: $3.5 billion
- Japan: $2.7 billion
Among Malaysia’s trading partners that generate the greatest positive trade balances, Malaysian surpluses with India (up 32%), Türkiye (up 14.7%) and Australia (up 4.4%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate Malaysia’s competitive advantages with the above countries, but also represent key opportunities for Malaysia to develop country-specific strategies to optimize its overall position in international trade.
Major Malaysian Companies Servicing International Trading Partners
Seventeen Malaysian corporations rank among Forbes Global 2000. Below is a sample of the major Malaysian companies that Forbes included.
- Axiata (communications equipment)
- IOI Group (food processing)
- MISC (shipping company)
- Petronas Chemicals (specialized chemicals)
- Petronas Dagangan (oil, gas)
- Sime Darby (rubber, industrial/energy products)
Wikipedia lists some other large international trade players for Malaysia.
- Hup Chong Furniture SDN BHD (bedroom furniture, beddings, miscellaneous wooden furniture)
- Ly Furniture SDN BHD (furniture, furniture parts)
- POS Malaysia Berhad (paper bags, envelopes)
- R1 International Malaysia SDN BHD (latex, transmission belts, natural rubber in smoked sheets)
See also Malaysia’s Top 10 Imports, Malaysia’s Top 10 Exports and Malaysia’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook, Country Profiles. Accessed on July 19, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 19, 2025
International Trade Centre, Trade Map. Accessed on July 19, 2025
Investopedia, Net Importer Definition. Accessed on July 19, 2025
Wikipedia, List of Companies of Malaysia. Accessed on July 19, 2025