That dollar amount reflects a 31.3% advance compared to $238.2 billion five years earlier during 2019.
Year over year, the overall value of Malaysian exports shrank by -11.5% from $353.1 billion in 2022.
Based on the average exchange rate for 2023, the Malaysian ringgit depreciated by -10.1% against the US dollar since 2019 and fell by -3.6% from 2022 to 2023. Malaysia’s weaker local currency made its exports paid for in stronger US dollars relatively less expensive for international buyers.
At the detailed 4-digit Harmonized Tariff System code level, Malaysia’s biggest export products by value in 2023 were electronic integrated circuits and microassemblies, refined petroleum oils, petroleum gases, palm oil, solar power diodes or semi-conductors, phone devices including smartphones, crude oil, computers including optical readers, oscilloscopes and spectrum analyzers, then unrecorded sound media. Combined, those major exports generated over half (55.1%) of overall exports sales from Malaysia. That subset of leading exported products implies a relatively diversified range of exported goods.
Malaysia is a world leader for exporting vulcanized rubber clothing or accessories and ranks among the top countries for global sales of palm oil, solar power diodes or semi-conductors, and electronic integrated circuits.
Malaysia’s Best International Trade Customers
The latest available country-specific data shows that 77.5% of products exported from Malaysia were bought by importers in: Singapore (15.4% of the Malaysian total), mainland China (13.5%), United States of America (11.3%), Hong Kong (6.3%), Japan (6%), Thailand (4.1%), South Korea (3.9%), Vietnam (3.64%), Indonesia (3.57%), Australia (3.5%), India (3.2%) and Taiwan (3%).
From a continental perspective, 70.5% of Malaysia’s exports by value was delivered to fellow Asian countries while 12.9% was sold to North American importers. Malaysia shipped another 9.1% worth of goods to buyers in Europe.
Smaller percentages went to Oceania (4.3%) led by Australia and New Zealand, Africa (2.2%), then Latin America (0.9%) excluding Mexico but including the Caribbean.
Given Malaysia’s population of 33.1 million people, its total $312.7 billion in 2023 exports translates to roughly $9,500 for every resident in the Southeast Asian country. That per-capita amount lags the average $10,500 in 2022.
Malaysia’s Top 10 Exports
The following export product groups represent the highest dollar value in Malaysian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Malaysia.
- Electrical machinery, equipment: US$119.1 billion (38.1% of total exports)
- Mineral fuels including oil: $51.7 billion (16.5%)
- Machinery including computers: $23.9 billion (7.7%)
- Animal/vegetable fats, oils, waxes: $16.9 billion (5.4%)
- Optical, technical, medical apparatus: $13.6 billion (4.4%)
- Plastics, plastic articles: $9 billion (2.9%)
- Aluminum: $6 billion (1.9%)
- Iron, steel: $5.9 billion (1.9%)
- Other chemical goods: $5.6 billion (1.8%)
- Rubber, rubber articles: $5.5 billion (1.8%)
Malaysia’s top 10 exports accounted for over four-fifths (82.3%) of the overall value of Malaysian shipments.
Posting the most modest declines among Malaysia’s top 10 export categories were optical, technical and medical apparatus (down -5.4% from 2022) and electrical machinery and equipment (down -7.1%).
The leading decliner among Malaysia’s top categories was the animal or vegetable fats, oils and waxes, pulled down by a -28.7% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Malaysia’s Most Valuable Export Products further down near the bottom of this article.
Products Generating the Highest Trade Surpluses for Malaysia
Malaysia posted an overall US$47.1 billion surplus on goods traded during 2023, down -18.9% from $58.1 billion in black ink one year earlier.
The following types of Malaysian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Electrical machinery, equipment: US$46.3 billion (Up by 8.1% since 2022)
- Animal/vegetable fats, oils, waxes: $14.3 billion (Down by -26.1%)
- Optical, technical, medical apparatus: $7 billion (Down by -9.8%)
- Rubber, rubber articles: $2.1 billion (Down by -36.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $1.8 billion (Down by -13.9%)
- Wood: $1.3 billion (Down by -20.2%)
- Mineral fuels including oil: $940 million (Down by -81.7%)
- Cereal/milk preparations: $866.4 million (Up by 26.8%)
- Aluminum: $809.2 million (Down by -69.1%)
- Glass: $781.6 million (Down by -26.1%)
Malaysia has highly positive net exports in the international trade of electronics including consumer electronic gadgets.
In turn, these cashflows indicate Malaysia’s strong competitive advantages under the electrical machinery and equipment product category.
Products Causing the Greatest Trade Deficits for Malaysia
Below are exports from Malaysia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Malaysia’s goods trail Malaysian importer spending on foreign products.
- Vehicles: -US$6 billion (Up by 24.4% since 2022)
- Cereals: -$2.48 billion (Up by 1.8%)
- Aircraft, spacecraft: -$2.46 billion (Down by -5.7%)
- Gems, precious metals: -$2 billion (Down by -43.1%)
- Pharmaceuticals: -$1.84 billion (Up by 4.9%)
- Inorganic chemicals: -$1.5 billion (Up by 5.8%)
- Meat: -$1.47 billion (Up by 0.6%)
- Copper: -$1.44 billion (Up by 8.9%)
- Machinery including computers: -$1.3 billion (Reversing a $1.5 billion surplus)
- Sugar, sugar confectionery: -$1.1 billion (Up by 42.4%)
Malaysia has highly negative net exports and therefore international trade deficits for automobiles under the vehicles product category.
These cashflow deficiencies clearly indicate Malaysia’s competitive disadvantages in the international vehicles market, but also represent key opportunities for Malaysia to improve its position in the global economy through focused innovations.
Major Malaysian Export Companies
Seventeen Malaysian corporations rank among Forbes Global 2000. Below is a sample of the major Malaysian companies that Forbes included.
- Axiata (communications equipment)
- IOI Group (food processing)
- MISC (shipping company)
- Petronas Chemicals (specialized chemicals)
- Petronas Dagangan (oil, gas)
- Sime Darby (rubber, industrial/energy products)
Wikipedia lists some other large international trade players for Malaysia.
- Hup Chong Furniture SDN BHD (bedroom furniture, beddings, miscellaneous wooden furniture)
- Ly Furniture SDN BHD (furniture, furniture parts)
- POS Malaysia Berhad (paper bags, envelopes)
- R1 International Malaysia SDN BHD (latex, transmission belts, natural rubber in smoked sheets)
Searchable List of Malaysia’s Most Valuable Export Products
At the more granular four-digit HTS code level, Malaysia’s most valuable exported products are electronic integrated circuits plus related parts followed by refined petroleum oil, petroleum gases and palm oil followed by solar power components then computers.
The following searchable table displays 100 of the most in-demand goods shipped from Malaysia during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Integrated circuits/microassemblies | $74,760,932,000 | -4.8% |
| 2 | Processed petroleum oils | $29,385,998,000 | -14.9% |
| 3 | Petroleum gases | $14,613,243,000 | -14.4% |
| 4 | Palm oil | $11,900,397,000 | -30% |
| 5 | Solar power diodes/semi-conductors | $10,221,213,000 | +9.4% |
| 6 | Phone devices including smartphones | $7,314,676,000 | -11.3% |
| 7 | Crude oil | $6,998,643,000 | -11.9% |
| 8 | Computers, optical readers | $6,452,928,000 | -16% |
| 9 | Oscilloscopes, spectrum analyzers | $5,664,052,000 | -7.5% |
| 10 | Unrecorded sound media | $4,967,923,000 | -34.3% |
| 11 | Aluminum (unwrought) | $4,360,573,000 | -18.7% |
| 12 | Printing machinery | $3,022,517,000 | -12.9% |
| 13 | Machinery for making semi-conductors | $2,969,445,000 | -8% |
| 14 | Industrial fatty acids and alcohols | $2,643,958,000 | -27.1% |
| 15 | Clothing, accessories (vulcanized rubber) | $2,610,972,000 | -40% |
| 16 | Electro-medical equip (e.g. xrays) | $2,415,937,000 | +2.8% |
| 17 | Miscellaneous furniture | $2,142,619,000 | -18.3% |
| 18 | Computer parts, accessories | $2,120,550,000 | -21.8% |
| 19 | Animal/vegetable hydrogenated fats, oils | $1,932,910,000 | -33.7% |
| 20 | Ethylene polymers | $1,838,428,000 | -3.8% |
| 21 | Electrical converters/power units | $1,690,667,000 | +11.1% |
| 22 | Electric storage batteries | $1,688,929,000 | +17% |
| 23 | Electrical machinery | $1,677,355,000 | -40.5% |
| 24 | Iron or non-alloy steel bars, rods | $1,606,821,000 | -4.9% |
| 25 | Electrical/optical circuit boards, panels | $1,592,770,000 | +2.6% |
| 26 | Printed circuits | $1,582,038,000 | +4.3% |
| 27 | Miscellaneous machinery | $1,495,198,000 | -15.3% |
| 28 | Jewelry | $1,472,655,000 | +8.3% |
| 29 | Microphones/headphones/amps | $1,450,864,000 | -11.4% |
| 30 | Orthopedic appliances | $1,409,194,000 | +7.6% |
| 31 | TV receivers/monitors/projectors | $1,379,684,000 | -26.1% |
| 32 | Electric water heaters, hair dryers | $1,318,507,000 | -20% |
| 33 | Air conditioners | $1,284,714,000 | -20% |
| 34 | Acyclic alcohols | $1,253,716,000 | -30.3% |
| 35 | Lower-voltage switches, fuses | $1,240,078,000 | -20.2% |
| 36 | Vacuum cleaners | $1,171,730,000 | -11.1% |
| 37 | Polyacetal/ether/carbonates | $1,154,208,000 | -17.3% |
| 38 | Automobile parts/accessories | $1,152,650,000 | -2.7% |
| 39 | Electrical capacitators | $1,140,828,000 | -12.4% |
| 40 | Iron ores, concentrates | $1,099,484,000 | -8.9% |
| 41 | Coiled iron or non-alloy steel bars, rods | $1,056,153,000 | -34.1% |
| 42 | Iron or non-alloy steel products (semi-finished) | $1,006,270,000 | +41.2% |
| 43 | Aircraft or spacecraft parts | $1,000,938,000 | +60% |
| 44 | Chemical industry products/residuals | $967,729,000 | -22.9% |
| 45 | Plastic packing goods, lids, caps | $965,378,000 | -13.9% |
| 46 | Plastic plates, sheets, film, tape, strips | $949,550,000 | -14.9% |
| 47 | Insulated wire/cable | $933,821,000 | -10.2% |
| 48 | Bread, biscuits, cakes, pastries | $923,062,000 | +7.7% |
| 49 | Processed fats, oils | $914,577,000 | -3% |
| 50 | Other food preparations | $909,050,000 | -2.3% |
| 51 | TV/radio/radar device parts | $890,742,000 | -16.1% |
| 52 | Regulate/control instruments | $885,094,000 | -11.4% |
| 53 | Copper wire | $854,403,000 | -11.8% |
| 54 | Iron ferroalloys | $838,099,000 | -36.4% |
| 55 | Coconut/palm/babassu oil | $832,782,000 | -37.7% |
| 56 | Saturated acyclic mono acids | $820,033,000 | -39.9% |
| 57 | Concrete/artificial stone items | $817,613,000 | +35% |
| 58 | Natural rubber | $812,658,000 | -22.4% |
| 59 | Flour/meal/starch/malt extract food preparations | $778,714,000 | +15% |
| 60 | ALERT! | $744,270,000 | -15.7% |
| 61 | Taps, valves, similar appliances | $741,173,000 | +15.1% |
| 62 | Nitrogenous fertilizers | $739,834,000 | -47.9% |
| 63 | Biodiesel | $738,239,000 | +16.2% |
| 64 | Styrene polymers | $737,231,000 | -17.8% |
| 65 | Miscellaneous plastic items | $736,176,000 | -5.2% |
| 66 | Uncoated paper | $713,434,000 | +52.8% |
| 67 | Propylene/olefin polymers | $710,818,000 | -12.9% |
| 68 | TV receiver/transmit/digital cameras | $704,257,000 | +24.4% |
| 69 | Hydrogen, rare gases | $694,145,000 | -30% |
| 70 | Synthetic rubber | $683,787,000 | -19.6% |
| 71 | Table games, bowling equipment | $677,550,000 | +184.4% |
| 72 | Acyclic hydrocarbons | $667,890,000 | +15.2% |
| 73 | Machinery parts | $655,013,000 | +2% |
| 74 | Cyclic hydrocarbons | $650,685,000 | -3.5% |
| 75 | Other measuring/testing machines | $646,837,000 | -22.7% |
| 76 | Gold (unwrought) | $638,653,000 | +102.5% |
| 77 | Centrifuges, filters and purifiers | $595,937,000 | -19.8% |
| 78 | Cocoa butter, fat, oil | $581,866,000 | -5.4% |
| 79 | Copper powder, flakes | $572,629,000 | -15.6% |
| 80 | Precious metal waste, scrap | $571,794,000 | -0.6% |
| 81 | Margarine | $549,870,000 | -20.4% |
| 82 | Miscellaneous iron or steel items | $543,966,000 | +5.6% |
| 83 | Laminated wood (including plywood, veneer panels) | $543,852,000 | -28% |
| 84 | Organic surface-active products, soaps | $535,019,000 | -11.6% |
| 85 | Copper ores, concentrates | $532,562,000 | -11.3% |
| 86 | Coffee/tea extracts, concentrates | $524,355,000 | -7.6% |
| 87 | Electric circuit parts, fuses, switches | $515,489,000 | -6.7% |
| 88 | Sawn wood | $503,063,000 | -17% |
| 89 | Rare-earth metals | $475,641,000 | -28% |
| 90 | Seats (excluding barber/dentist chairs) | $472,982,000 | -11.1% |
| 91 | Air or vacuum pumps | $471,837,000 | -13% |
| 92 | Miscellaneous iron and steel structures | $470,925,000 | -1.5% |
| 93 | Rubber tires (new) | $460,915,000 | +13% |
| 94 | Physical/chemical analysis tools | $453,400,000 | -12% |
| 95 | Miscellaneous aluminum items | $452,586,000 | -20.4% |
| 96 | Glass fibers | $451,351,000 | -27.2% |
| 97 | Float/ground/polished glass in sheets | $440,330,000 | -16.1% |
| 98 | Motorcycle parts/accessories | $434,931,000 | -42.3% |
| 99 | Cars | $421,169,000 | -17.5% |
| 100 | Unwrought tin | $420,480,000 | -16.3% |
These 100 exported goods were worth a subtotal of US$301 billion or 85.4% by value for all products exported from Malaysia during 2023.
In macroeconomic terms, Malaysia’s total exported goods represent 25.5% of its overall Gross Domestic Product for 2023 ($1.226 trillion valued in Purchasing Power Parity US dollars). That 25.5% for exports to overall GDP per PPP in 2023 compares to 29.7% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Malaysia’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Malaysia’s unemployment rate averaged 3.625% for 2023, down from an average 3.825% jobless rate one year earlier according to International Monetary Fund statistics.
See also Malaysia’s Top 10 Imports, Malaysia’s Top Trading Partners and Malaysia’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook, Country Profiles. Accessed on April 4, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 4, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 4, 2024
International Monetary Fund, World Economic Outlook Databases (GDP based on Purchasing Power Parity). Accessed on April 4, 2024
International Trade Centre, Trade Map. Accessed on April 4, 2024
Investopedia, Net Exports Definition. Accessed on April 4, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on December 17, 2023
Wikipedia, Gross domestic product. Accessed on April 4, 2024
Wikipedia, List of Companies of Malaysia. Accessed on April 4, 2024
Wikipedia, Purchasing power parity. Accessed on April 4, 2024