How has trade between Malaysia and Turkmenistan grown recently?

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Recent Trade Growth Between Malaysia and Turkmenistan

Trade between Malaysia and Turkmenistan has seen a substantial increase in the period from January to October 2024. During this period, total trade between the two nations surged by 74.8 per cent. This growth is reflected in the monetary value of their trade, which rose to RM63.28 million (US$13.90 million) from January to October 2024, a significant jump from the RM36.19 million (US$7.91 million) recorded in the corresponding period of the previous year.
Significant Increase in Trade Value

The total value of trade between Malaysia and Turkmenistan experienced a remarkable expansion in the first ten months of 2024. The figure reached RM63.28 million, substantially higher than the RM36.19 million observed in the same timeframe of 2023. This represents a year-on-year growth of 74.8 per cent, indicating a strengthening economic relationship.
Turkmenistan's Position as a Trading Partner

In the broader context of Central Asian economies, Turkmenistan has solidified its position as a key trading partner for Malaysia. For the entirety of 2023, Turkmenistan ranked as Malaysia’s fourth-largest trading partner within the Central Asian region. The total trade volume for 2023 amounted to RM48.62 million (US$10.57 million), providing a baseline for the subsequent growth observed in 2024.
Bilateral Engagements Driving Growth

This recent surge in trade occurs against a backdrop of high-level diplomatic engagement. The visit of Turkmenistan President Serdar Berdimuhamedow to Malaysia, which included an official luncheon hosted by Prime Minister Datuk Seri Anwar Ibrahim and the signing of Memorandums of Understanding (MoUs) in areas such as culture and economic cooperation, underscores the commitment to enhancing bilateral ties. Discussions between the leaders also focused on trade and investment, signaling a continued focus on economic collaboration.

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How has trade between Malaysia and Turkmenistan grown recently?

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