Malaysia’s trade in services up 14.6% to RM497.4bil in 2024

KUALA LUMPUR: Malaysia’s total trade in services rose by 14.6 per cent to RM497.4 billion last year from RM434.0 billion in 2023, contributing 25.8 per cent to the gross domestic product (GDP) at current prices.

In a statement today, the Department of Statistics Malaysia (DOSM) said exports of services grew by 24.6 per cent to RM242.9 billion from RM195.0 billion in the previous year.

Similarly, imports of services increased by 6.5 per cent to RM254.5 billion against RM239.0 billion in 2023.

“As services exports grew faster than imports, the deficit narrowed substantially from RM44.0 billion to RM11.7 billion,” it added.

DOSM said that Asia continued to be the main destination for Malaysia’s services exports, constituting RM164.0 billion or 67.5 per cent of total services.

Singapore, the United States (US) and China were the three main destinations for Malaysia’s services exports.

The agency said that Asia also remained the major source of imports with a share of 58.6 per cent or RM149.0 billion.

The main sources of services imports were from the US, Singapore and China. – Bernama