How did exports to major partners like Asean and US perform?

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Exports to Key Partners Showed Strong Double-Digit Growth in May 2024

In May 2024, Malaysia's exports to major trading partners, including Asean and the United States, experienced significant growth, demonstrating double-digit expansion. This positive performance contributed to an overall increase in the nation's export figures for the second consecutive month. The resilience in trade was further underscored by the fact that exports to other significant markets such as the People's Republic of China, the European Union, and Japan also recorded increases.
Growth Driven by E&E Products and Key Markets

The primary driver behind the sustained positive growth in exports, which marked its second consecutive month, was the robust performance of electrical and electronic (E&E) products. This sector's strength, coupled with increased demand from key export destinations, fueled the overall upward trend. The Ministry of Investment, Trade and Industry (Miti) noted that signs of economic recovery in these major markets were evident, leading to enhanced export values.
Significant Expansion in Asean and US Markets

Exports to the Asean bloc and the United States showed particularly strong performance, achieving double-digit growth rates. This surge in demand from these two critical regions highlights their importance to Malaysia's export economy. Furthermore, trade with Free Trade Agreement (FTA) partners collectively increased by 4.5 per cent year-on-year, reaching RM87.64 billion, indicating a broader positive trend in international trade relationships.
E&E Exports Boosted by Global Semiconductor Demand

The positive trajectory of Malaysia's E&E exports is further supported by global trends, with projections indicating a robust growth of 16 per cent in the global semiconductor market for 2024. This outlook is attributed to stronger performance in computing end-markets. In 2023, Malaysia held a notable position globally, ranking as the 10th largest exporter of E&E products and the 6th largest exporter of semiconductors.

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How did exports to major partners like Asean and US perform?

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