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Who is Malaysia's biggest export market?
According to the Ministry of Investment, Trade and Industry, in 2024, Singapore was Malaysia’s largest export market, with a total value of RM230.8 billion. Based on data about Malaysia’s exports by country, the country accounted for approximately 15.3% of the overall figure; meanwhile, the US and China, both considered highly developed economies, are ranked second at RM198.65 billion and third at RM187.67 billion, respectively.
The Department of Statistics Malaysia from the Ministry of Economics stated that Malaysia’s re-exports accounted for 25.1 per cent of total exports, up 46.0 per cent to RM33.5 billion. Month-on-month comparison showed re-exports climbed by 22.4 per cent, or RM6.1 billion. In seasonally adjusted MoM terms, exports rose 5.3 per cent to RM137.1 billion.
How have Malaysia’s exports been performing over the years?
Malaysia exports by country - Top 10 countries of destination
Top 1 Malaysia Export Country: Singapore - 15.31%
Malaysia exports by country data in 2023 also highlighted Singapore as the second-biggest destination, with a share of 13.6%.
Currently, Singapore is Malaysia’s biggest trade partner in the ASEAN region. In 2024, it accounted for 57% of Malaysia’s exports to this region.
Malaysia mostly exported E&E equipment and machinery to this market, including ICs, telephones, semiconductor devices, and computers. ICs took up the largest share among them with nearly 30%. In addition, petroleum products also stood out with a considerable share of 15.58%.
Top 10 Export Product Groups from Malaysia to Singapore in 2024
| Rank | Product Group | Export value (Billion $USD) | Share (%) |
|---|---|---|---|
| 1 | Petroleum oils and oils | 1.156 | 11.90% |
| 2 | Electronic integrated circuits | 1.142 | 11.76% |
| 3 | Processors and Controllers | 0.4941 | 5.08% |
| 4 | Light Oil | 0.3861 | 3.97% |
| 5 | Electronic integrated circuits; memories | 0.3412 | 3.51% |
| 6 | Machine parts & Accessories | 🔒 | 🔒 |
| 7 | Processing units (not laptops/desktops) | 🔒 | 🔒 |
| 8 | 🔒 | 🔒 | 🔒 |
| 9 | 🔒 | 🔒 | 🔒 |
| 10 | 🔒 | 🔒 | 🔒 |
Singapore primarily serves as a reexport hub to global markets. This role is most evident in the trade of semiconductors and petroleum oil, two of its largest export commodities.
Singapore contributes to 10% of global chip production, making it a key player in the semiconductor supply chain. In addition, Singapore has been listed as one of the world’s top three oil trading and refining hubs with a total crude oil refining capacity of 1.5 million barrels per day, with the Port of Singapore transshipping approximately half of the global volume of crude oil every year.
Following importation from Malaysia, these products move through Singapore’s advanced logistics network to major markets. According to the Ministry of Trade and Industry, China, the United States, and Malaysia were Singapore’s top three export destinations in 2023.
The frequency of re-exported goods, port-level transactions, and trade volume reveal signals before policy or price catches up.
April 2025’s export value to this market continued to show a sharp increase of 26.1% year-on-year. Looking forward, Malaysia’s exports to Singapore enjoy a positive outlook thanks to their deepening trade cooperation, specifically their effort to strengthen cross-border trade. Recently, they signed a digital economy framework that aims to improve trade processes, streamline cross-border data exchanges, and advance electronic payment systems. Their bilateral economic ties are considered to have a central role in the ASEAN market and will likely benefit the entire region by promoting regional economic integration and growth.
Top 2 Malaysia Export Country: United States - 11.3%
Since 2015, the United States has been Malaysia’s third-largest trading partner. In 2024, it ranked as the second-largest export market for Singapore, and export value in this market surged to a new record high of RM230.8 billion, thus marking a double-digit growth of 23.2%. As of April 2025, their trade ties remain strong with year-on-year growth in export value reaching a staggering 45.6% – the highest statistics compared to other export markets of Malaysia.
This growth was driven by strong demand for electrical and electronic (E&E) products, machinery, equipment, and parts, as well as rubber products.
| United States Top 10 Imports from Malaysia of Electrical, electronic equipment by Value |
Trade Value ($USD) | Year |
|---|---|---|
| Electronic Integrated Circuits and Microassemblies | $9.60B | 2024 |
| Electrical Apparatus for Line Telephony or Line Telegraphy | $4.58B | 2024 |
| Prepared Unrecorded Media for Sound Recording | $3.42B | 2024 |
| Diodes, Transistors, and Similar Semiconductor Devices | $3.40B | 2024 |
| Electrical Machines and Apparatus, Having Individual Functions | $1.32B | 2024 |
| Electric Accumulators | $776.73M | 2024 |
| Electrical Transformers, Static Converters, and Inductors | $631.04M | 2024 |
| Reception Apparatus for Radio-broadcasting | $611.52M | 2024 |
| Transmission Apparatus for Radiotelephony, TV, Cameras, Cordless Telephones | $608.51M | 2024 |
| Microphones, Loudspeakers, Headphones | $456.38M | 2024 |
Data source: United Nations COMTRADE database on international trade
The Malaysian government has highlighted its ambition to make the country move beyond its role in backend chip manufacturing and become an ASEAN-based hub for high-tech design and research, especially after British chip giant ARM announced an investment worth $250 million in Malaysia’s semiconductor industry.
Jinko Solar US, Dyson, Kuehne Nagel, Tesla, and Amazon are also among the largest U.S. companies importing Malaysian electronics and semiconductors.
As Malaysia’s E&E exports surge to major economies like the US and Singapore, the sector continues to cement its position as a national growth engine.
You may learn more about this flourishing E&E export landscape: Malaysia Top 5 Export Product 2025 and the Top 1 Shocked the World
Top 3 Malaysia Export Country: China - 12.45%
In 2024, Malaysia exported RM187.7 billion worth of goods to China, reflecting a 2.2% decline from the previous year. Despite the dip, China remained one of Malaysia’s top three export destinations.
Nearly half of Malaysia’s exports to this market fell into three main categories: integrated circuits (ICs), crude petroleum, and petroleum gas. Together, they made up 45% of the total figure and reflected China’s high demand for necessary materials to fuel its vast industrial and manufacturing operations.
Since 2020, Malaysia’s exports of E&E products to China have maintained a robust growth trajectory. In 2023, 1/4 of Malaysia’s E&E exports were shipped to China, according to a report by SME Bank Group. This upward trend is expected to continue, given the Chinese government’s recent announcement of an ambitious plan to improve its IT infrastructure and achieve self-sufficiency in high-value technologies like AI, satellite navigation, and semiconductors, according to the South China Morning Post.
Mid-year 2025 Export Data of Electrical Machinery & Equipment from Malaysia to China
| Rank | Exporting Company | Top 3 Transacted HS Codes | Top 3 HS Code Transaction Value ($USD) | Port of Loading |
|---|---|---|---|---|
| 1 | Samtec Asia Pacific M SDN BHD |
Top 1: 853690 Top 2: 🔒 Top 3: 🔒 |
14.986 million |
|
| 2 | Murata Electronics M SDN BHD |
Top 1: 850450 Top 2: 🔒 Top 3: 🔒 |
15.380 million |
|
| 3 | HUAWEI TECHNOLOGY M SDN BHD | 🔒 | 🔒 | 🔒 |
| 4 | MOLEX MALAYSIA SDN BHD | 🔒 | 🔒 | 🔒 |
| 5 | NI MALAYSIA SDN BHD | 🔒 | 🔒 | 🔒 |
As of late 2024, China has been Malaysia’s largest trading partner for 16 consecutive years, and this partnership is likely to continue growing due to bilateral trade ties. For example, after President Xi Jinping visited Malaysia in April 2025, the two countries signed 30 bilateral cooperation agreements, which strengthened an already robust relationship and highlighted the enormous potential for growth in this landscape.
“China is ready to work with the Malaysian side to build a high-level strategic China-Malaysia community with a shared future, to usher in a new ‘Golden 50 Years’ for bilateral ties.”
– President of China, Xi Jinping
However, it is also important to note that exports to China are highly sensitive to global demand and price shifts. It experienced a notable year-on-year drop of 4% January 2025, before rising again in the following month. These fluctuations were caused by changes in key export commodities such as petroleum products, according to statistics released in February 2025 by the Ministry of Investment, Trade, and Industry.
As Malaysia-China trade relations continue to play a critical role in Malaysia’s economic growth, understanding China’s trade flows, patterns, and fluctuations over time has become essential for businesses aiming to stay competitive in this dynamic landscape.
You may learn more about this flourishing E&E export landscape:
Top 4 Malaysia Export Country: Hong Kong - 5.89%
Hong Kong is another noteworthy name in Malaysia’s trade portfolio, as it imported about RM88.84 billion worth of products in 2024, making it the fourth-largest market in Malaysia’s export-by-country list. The primary products driving these exports are high-value manufactured goods, including E&E products, ICs, and iron and steel. ICs alone accounted for over 60% of the total export value, followed by refined petroleum, which ranked fourth in Malaysia’s exports to Hong Kong. Meanwhile, Malaysia’s exports of crude oil to Hong Kong remain small in value.
Malaysia’s trade ties with Hong Kong are important due to both the latter’s role as a major re-export center and its function as a gateway to China and other Asian markets. In the coming time, the E&E segment’s resilience will likely stabilize Malaysia’s export growth in this market, especially given Deloitte’s prediction that semiconductor sales will reach a new all-time high in 2025.
According to the latest data from the Semiconductor Industry Association, global semiconductor revenue in May 2025 increased by nearly 20% year-over-year, reaching almost $60 billion, further underscoring the predicted upward trajectory. Its growth continued to be driven by strong demand in the Americas and Asia Pacific, as their YoY differences are the most notable, respectively, at 45.2% and 30.5%.
As Malaysia strengthens its E&E trade ties with Asia’s key hubs like Hong Kong and Singapore, this landscape forecasts exciting opportunities for global supply chain businesses.
Book a demo to explore the tools top exporters use to anticipate market shifts and mitigate risk.
Top 5 Malaysia Export Country: Japan - 5.48%
With a moderate share of 6.01%, the 2023 export value of Malaysia’s goods to Japan was $18.9 billion. This showed a sharp decrease of about 13.1% compared to the previous year. 2022’s figure was approximately more than $23.1 billion – the highest ever recorded.
Trade records from TradeInt showed that, unlike the four countries above, Japan’s top imports from Malaysia are petroleum gases and crude petroleum. When combined, they accounted for the highest export share among all products (over three fourths). ICs came second at 13.5%.
TOP 5 MALAYSIA EXPORT PRODUCTS TO JAPAN IN 2023
Petroleum gas (60.6%)
Petroleum crude oil (14.5%)
Integrated Circuits (13.8%)
Monitors & Projectors (5.8%)
Palm oil (2.75%)
Petroleum gas
Petroleum crude oil
Integrated Circuits
Monitors and Projectors
Palm oil
Data Source: TradeInt.com (Request a demo to unlock trade data)
Apart from exporting petroleum and E&E products to match Japan’s industrial needs, Malaysia also has significant opportunities to expand its market share in high-value manufactured commodities like optical and medical apparatus. Japan’s aging population and growing healthcare needs present a solid demand for these products.
Trade agreements like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) play a crucial role in boosting Malaysia’s exports to Japan. Through RCEP, Malaysia benefits from greater supply chain integration and tariff reductions, particularly in goods such as electronics, machinery, and chemicals, which are in high demand in Japan. Meanwhile, CPTPP provides Malaysia with more robust trade rules, including stronger labor and environmental standards, which enhance its export competitiveness in Japan, especially in high-value goods such as pharmaceuticals and advanced manufacturing.
Top 6 Malaysia Export Country: Taiwan - 4.44%
Taiwan has risen as a new major export market for Malaysia, especially in high-tech segments such as E&E products, optical and scientific equipment, as well as machinery, equipment, and parts. By April 2025, Malaysia had increased its export value to this market by 44.7% year-on-year, trailing only that of the US.
Also in 2024, Taiwan overtook Japan to become Malaysia’s fourth-largest trading partner, recording a strong double-digit growth of 38.5% compared to 2023 and accounting for 6.1% of Malaysia’s total trade. This marked the highest trade value ever recorded between the two countries.
Top 7 Malaysia Export Country: Thailand - 3.91%
In 2024, Malaysia exported nearly RM59 billion of goods to Thailand. This figure experienced a very moderate increase (0.1%) compared to the previous year. It later saw a much sharper growth of nearly 20% year-on-year in April 2025.
TradeInt’s trade records highlighted petroleum crude oil as the leading product imported by Thailand, with a large share of 15.5%. It was followed by integrated circuits at 11.2%.
The Malaysian Ministry of Foreign Affairs reports that in 2024, Thailand was Malaysia’s seventh-largest trade partner worldwide and third-largest within ASEAN. Exports to this market saw strong growth momentum in early 2025, as April 2025 saw a nearly 20% YoY increase. In the coming time, the two countries are committed to strengthening their trade ties in both traditional and new emerging product segments, such as the Halal industry and the rubber sector.
With Malaysia-Thailand trade expanding across both traditional sectors and new frontiers like halal products and rubber, it highlights the need for businesses to proactively track trends, assess risks, and pinpoint new demand space.
Top 8 Malaysia Export Country: Indonesia - 3.61%
At RM54.5 billion, Malaysia’s 2024 export value to Indonesia saw a notable increase of nearly 7% compared to the previous year, thanks to larger shipments of petroleum-related products, such as mineral fuels and oils. It continued to grow even more strongly in 2025, as April 2025’s records showed a 17.2% YoY increase.
| Top 10 Malaysia Export to Indonesia Product Categories in 2024 |
Export Value ($USD) | Notes |
|---|---|---|
| Mineral fuels, oils, and distillation products | $5.09 billion | Refined petroleum is a key driver |
| Machinery, nuclear reactors, boilers | $1.00 billion | Industrial and manufacturing use |
| Plastics | $965.67 million | Packaging, consumer, and industrial |
| Electrical & electronic equipment | $639.95 million | Semiconductors, telecom, appliances |
| Organic chemicals | $639.05 million | Pharmaceuticals, industrial inputs |
| Iron and steel | $339.89 million | Construction, manufacturing |
| Cocoa and cocoa preparations | $271.09 million | Food industry |
| Miscellaneous chemical products | $214.87 million | Varied industrial applications |
| Miscellaneous edible preparations | $159.08 million | Food processing |
| Aluminum | $150.17 million | Manufacturing, construction |
Data source: United Nations COMTRADE, Trading Economics
Export momentum to this market is expected to continue rising. As both Malaysia and Indonesia are key members of ASEAN, their trade ties benefit from strong trade frameworks such as the ASEAN Trade in Goods Agreement (ATIGA) and the Regional Comprehensive Economic Partnership (RCEP), which provide preferential tariff rates and streamlined customs procedures. In addition, Malaysia’s position as this year’s ASEAN chair enables it to lead the association’s unified response to new US tariffs and mitigate external trade pressures by facilitating intra-ASEAN trade.
Furthermore, Malaysia is strategically targeting rapidly urbanizing cities in Indonesia like Medan and Surabaya to tap into their growing consumer bases and industrial zones.
Top 9 Malaysia Export Country: South Korea - 3.58%
Throughout the 2018-2023 period, Malaysia’s exports to South Korea steadily grew to RM55.88 billion in 2023, before slightly drop by 4.3% in 2024.
TradeInt’s insights showed that petroleum products dominated South Korea’s imports from Malaysia, as their proportion exceeded 41%. E&E ranked second with a share of 27.86%, with integrated circuits representing the vast majority of this figure. The E&E sector plays a significant role in Malaysia’s exports to South Korea, and this is driven by Malaysia’s robust manufacturing base and South Korea’s growing demand for semiconductor components and electronics.
South Korea is one of Malaysia’s key trading partners in East Asia, with strong ties in both industrial and energy trade. The two countries, recently, have made extensive efforts to broaden their bilateral trade portfolio and cooperation, as they resumed their FTA negotiations in early 2025 after a five-year hiatus. This strategic move is expected to drive Malaysia’s exports to this market forward.
Top 10 Malaysia Export Country: Vietnam - 3.57%
From 2022 to 2024, Malaysia’s export value to Vietnam steadily climbed to reach RM53.86 billion. The biggest export segment of Malaysia in this market was E&E goods, such as integrated circuits (whose proportion was the largest at 37.9%), semiconductor devices, air conditioners, and computers. In addition, refined petroleum emerged as the second-largest export category, contributing 14.4% of the total export value, while palm oil also maintained its significance in Malaysia’s export mix to Vietnam.
Vietnam is an important trade partner for Malaysia, ranking as the 20th largest export market globally and the 5th largest within ASEAN. Since the two countries elevated their relationship to a strategic partnership in 2015, Malaysia’s exports to Vietnam have soared by approximately 160%. This growing trade relationship, coupled with ongoing investments from both sides, reflects the resilience and strength of their economic ties.
Looking ahead, the outlook for Malaysia’s exports to Vietnam remains positive, driven by steady demand for E&E products. Vietnam’s continued industrialization and economic growth are likely to support increased imports of these products, as well as petroleum-based goods, which play a vital role in the country’s energy and manufacturing sectors.
Conclusion
In recent years, Malaysia has seen substantial growth in its trade activity, with exports reaching new markets. With a large range of export products, ranging from advanced E&E equipment, medical devices, to petroleum products and palm oil, the country boasts a strong and diverse export portfolio.
In this constantly evolving trade landscape, success requires more than product quality. It also involves thorough market intelligence and strategic timing, which are facilitated by TradeInt.
TradeInt is a dynamic platform that provides updated insights into key export products, trade fluctuations over the year, and primary destinations. By grasping these indicators, businesses can identify untapped opportunities in Malaysia’s exports, adjust their strategies, and anticipate risks, so that they can thrive in 2025’s competitive trade landscape.
