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Trade Trends News
24-04-2025
Data released last Friday showed that Malaysia's economy grew by 4.4% year-on-year in the first quarter of 2025, with exports to the United States soaring in March. However, authorities cautioned that U.S. tariffs are contributing to growing uncertainty.
The official preliminary GDP figure indicates a slowdown from the 5% growth recorded in Q4 2024. The statistics department noted that domestic activity and demand continued to support economic expansion. Final Q1 figures will be released on May 16.
Malaysia's Chief Statistician Mohd Uzir Mahidin said, "Despite ongoing global economic headwinds, Malaysia's GDP growth remained resilient, thanks to strong domestic fundamentals."
He highlighted that robust growth in retail and wholesale trade, a healthy job market, and improved demand for key export products helped shield the economy from global challenges.
Separate data showed that exports in March rose 6.8% year-on-year, beating expectations. Exports to the United States surged 50.8%, hitting a record high of RM22.66 billion (US$5.14 billion).
In early April, U.S. President Donald Trump announced a new round of tariffs on global imports, with most of the measures delayed until July. Facing a 24% tariff, Malaysia is set to send a delegation to hold talks with U.S. officials next week.
Meanwhile, South Korea's trade ministry stated that despite escalating global trade tensions, its central bank maintains a forecast of 4.5% to 5.5% GDP growth for this year, with export growth expected at 5.2%.
"However, looking ahead, caution is warranted given the uncertainty in global demand, which may weigh on investment and domestic consumption," the ministry said.
"As a small, open economy, Malaysia is inevitably exposed to the rising external uncertainties in the evolving global trade landscape."
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