Despite facing persistent global economic uncertainties, Sabah has demonstrated remarkable trade resilience, recording total external trade exceeding RM100 billion for the third consecutive year.
According to the latest Sabah External Trade Statistics, July 2025 released by the Department of Statistics Malaysia (DOSM), the state achieved a total trade value of RM107.8 billion in 2024.
This milestone shows a continued upward trend since 2022, reinforcing Sabah’s importance as a key contributor to Malaysia’s overall trade performance.
Chief Statistician of Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin, explained that although Sabah’s exports experienced a modest decline, the overall trade volume increased due to significant growth in imports. Total trade in 2024 grew by 2.7% compared to 2023, when Sabah’s total trade stood at RM105.0 billion.
However, exports fell by 2.3%, dropping from RM62.8 billion in 2023 to RM61.3 billion in 2024. Conversely, imports rose sharply by 10.2%, increasing from RM42.2 billion to RM46.4 billion within the same period.
The trade surplus, or the difference between exports and imports, narrowed significantly due to the faster growth in imports relative to exports. Sabah recorded a trade surplus of RM14.9 billion in 2024, a notable decline of 27.9% from RM20.7 billion in 2023.
When compared to 2022, where Sabah’s total trade was RM103.1 billion (exports at RM60.1 billion and imports at RM43.0 billion), it is evident that while trade volumes have continued to grow, the state’s trade balance has become less favourable over time.
The main drivers of Sabah’s exports in 2024 remained largely unchanged, with three major commodities dominating. Crude petroleum led the export category with a value of RM21.3 billion, followed by palm oil at RM17.3 billion, and liquefied natural gas (LNG) at RM4.6 billion.
Combined, these commodities accounted for RM43.2 billion, or approximately 70.4% of the state’s total exports. However, a decline in exports to Peninsular Malaysia was observed across these core commodities, with crude petroleum falling by RM1.9 billion (a drop of 10.6%), palm oil down RM45.2 million (-6.5%), and palm-based oleochemicals dropping by RM17.2 million (-44.8%).
In contrast, Sabah’s imports surged significantly in 2024, largely due to increased trade activity with Peninsular Malaysia, which saw a 14.9% rise or RM3.9 billion compared to the previous year.
This brought total imports from the peninsula to RM29.9 billion. Imports from international sources also recorded gains, with notable increases from Indonesia (+RM418.4 million, +49.7%), Thailand (+RM112.0 million, +7.5%), and China (+RM101.0 million, +2.4%).
The growth in imports was mainly driven by refined petroleum products (RM5.2 billion), manufactured fertilizers (RM1.0 billion), and palm-based oleochemicals (RM266.0 million).
Import growth was also supported by increased demand in two main categories: food and beverages (up 10.2%) and industrial supplies (up 9.0%).
When analyzing Sabah’s international trade only excluding trade with Peninsular Malaysia and Sarawak, the figures paint a slightly different picture. Based on these values, Sabah’s international trade reached RM43.0 billion in 2024, a 3.6% increase from RM41.5 billion in 2023. Within this, exports rose by 3.2% to RM32.1 billion (compared to RM31.1 billion in 2023), while imports grew by 5.0% to RM10.9 billion. These figures were revised and updated based on the most recent data released in June 2025.
Geographically, Peninsular Malaysia remained Sabah’s top regional trading partner, accounting for 46.8% of total trade. On the global stage, Sabah’s key international partners included China, Thailand, South Korea, Japan, and India, which collectively contributed 26.8% to Sabah’s overall trade value.
This consistent trade performance reflects Sabah’s strategic role in Malaysia’s trade network, particularly in energy and agriculture-based commodities. However, the narrowing trade surplus suggests a need for diversification and strategic focus on boosting value-added exports while managing import dependency.
In a related development, DOSM also announced that Malaysia has been appointed Chair of the 15th ASEAN Community Statistical System Committee (ACSS15) for 2025. This committee aims to strengthen regional cooperation in statistical development, crucial for sustainable economic planning across Southeast Asia.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
