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Economy Malaysia News

Tech Rebound May Help Malaysia

denise chan i EZGbJOMKQ unsplash

The rebound in demand for tech products could help Malaysia’s trade grow in 2024. However, risks of an economic slowdown in the United States and China could result in uneven demand, according to economists.

The Statistics Department yesterday revealed Malaysia’s exports fell some 5.9% year-on-year (y-o-y) for November 2023, while imports increased by 1.7%.

Analysts think Malaysia’s manufacturing exports, especially electrical and electronic (E&E) products, will lift trade figures going into 2024, especially because of the increasing demand for semiconductors. E&E products account for about 80% of Malaysia’s exports.

iFAST Capital expects global chip sales to snowball in the next two years owing to increasing digitalization. It expects an 8% y-o-y growth in semiconductor exports in the first quarter of 2024.

Read the original news HERE.

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