Sabah continues to demonstrate strong economic resilience amid global uncertainties, recording a total trade value of RM107.8 billion in 2024, according to the Sabah External Trade Statistics Report released by the Department of Statistics Malaysia (DOSM). This marks the third consecutive year Sabah’s trade has exceeded RM100 billion, reaffirming the state’s position as a key driver of national economic growth since 2022.
Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin said Sabah’s trade volume rose by 2.7% in 2024 compared to the previous year.
Although export value declined by 2.3% to RM61.3 billion, imports surged 10.2%, from RM42.2 billion to RM46.4 billion.
“As imports grew faster than exports, Sabah’s trade surplus narrowed by 27.9% to RM14.9 billion in 2024,” Uzir noted.
Crude Oil, Palm Oil, LNG Remain Key Export Pillars
Sabah’s three main export pillars—crude oil (RM21.3 billion), palm oil (RM17.3 billion), and liquefied natural gas (LNG) (RM4.6 billion)—accounted for RM43.2 billion, or 70.4% of the state’s total exports. This highlights Sabah’s comparative advantage in natural resources and its reliance on raw commodity-based exports.
Uzir further explained that Sabah’s export data includes both international trade and inter-regional trade with Peninsular Malaysia and Sarawak, based on actual logistics movements through customs checkpoints.
From an international perspective, Sabah’s exports increased 0.9% year-on-year in 2024, rising from RM38.9 billion to RM39.2 billion.
However, exports to Peninsular Malaysia dropped by 7.2%, down RM1.6 billion to RM20.5 billion. The decline was largely driven by reduced shipments of key commodities:
- Crude oil: down RM1.9 billion (-10.6%)
- Palm oil: down RM45.2 million (-6.5%)
- Palm oil-based oleochemicals: down RM17.2 million (-44.8%)
Import Growth Driven by Peninsular Malaysia
Sabah’s import growth in 2024 was largely fueled by increased trade activity with Peninsular Malaysia, which saw a 14.9% year-on-year increase (up RM3.9 billion), from RM26 billion to RM29.9 billion.
At the international level, Sabah’s imports from several countries also recorded growth:
Indonesia: up RM418.4 million (+49.7%)
Thailand: up RM112 million (+7.5%)
China: up RM101 million (+2.4%)
By product category, Sabah’s import growth was mainly concentrated in:
Food and beverages: +10.2%
Industrial supplies: +9.0%
Peninsular Malaysia and Asia Are Sabah’s Key Trade Partners
Peninsular Malaysia remains Sabah’s largest regional trade partner, accounting for 46.8% of the state’s total trade volume.
On the international front, Sabah’s main trading partners include China, Thailand, South Korea, Japan, and India. Collectively, these countries accounted for 26.8% of Sabah’s total trade, underscoring the state’s growing integration within the Asian market.
The DOSM also released its annual External Trade Statistics Report, covering all 15 Malaysian states from 2019 to 2024 and their trade performance with international markets.
Uzir clarified that the data listed under Sabah’s “external trade” refers specifically to international trade and does not include domestic trade between Sabah and Peninsular Malaysia or Sarawak.
Based on this scope, Sabah’s international trade reached RM43 billion in 2024—up 3.6% from RM41.5 billion in 2023. Of this:
Exports amounted to RM32.1 billion, up 3.2% from RM31.1 billion
Imports totaled RM10.9 billion, up 5.0% year-on-year
“It is important to note that this set of figures may differ from the June 16, 2025 report, as they have been updated and revised based on the latest available data,” said Uzir.
State Industrial Support Policies Bearing Fruit
Meanwhile, Sabah’s Minister of Industrial and Entrepreneur Development, Datuk Phoong Jin Zhe, stated in a July 5 press release that the increase in export value of manufactured goods—up 9.3% to RM12 billion in 2024—indicates that state industrial policies and support initiatives are starting to yield results.
He emphasized that Sabah maintained a healthy trade surplus of RM14.9 billion last year, reflecting a balanced overall structure.
“We’re witnessing gradual expansion in both manufactured exports and international trade, which confirms the state government’s strategic direction in investment and industrial development is on the right track.”
Phoong also highlighted during the 2025 Sabah Budget tabling in November last year that Sabah recorded 4.4% growth in its manufacturing sector in 2023—the fastest among all Malaysian states.
“That’s why the state government has been focusing on upgrading local industries and promoting exports. We are optimistic Sabah’s manufacturing sector will continue to grow, contributing to the state’s industrialization efforts while creating more high-paying jobs for our people.”
VOICE OF ASIA Editorial Note
At VOICE OF ASIA, we believe in amplifying the real voices of the people – especially those too often overlooked in national discourse. This translated article, originally published by Sin Chew, highlights a perspective from Sabah that resonates with our editorial mission: to go beyond headlines and politics, and shine a light on what truly matters to everyday Malaysians.
The original version can be found here.
