Located in Southeast Asia near powerful trade partners including mainland China, Singapore, Taiwan, Japan, Indonesia and South Korea imported US$265.6 billion worth of products from around the world in 2023.

That dollar amount reflects a 29.6% acceleration compared to $205 billion five years earlier during 2019.

Year over year, the overall cost of imported goods bought by Malaysia fell by 10% from $295.1 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 imports paid for in stronger US dollars relatively more expensive when converted starting from Malaysian ringgits.

Malaysia’s most valuable imported goods are electronic integrated circuits and microassemblies, refined petroleum oils, crude oil, coal plus solid fuels made from coal, then phone devices including smartphones. That leading quintet of major Malaysian imports amounted to 36.1% of the Asian countries total import purchases in 2023.

Malaysian imports represent roughly 1% of total global imports which totaled $25.392 trillion calculated for one year earlier in 2022.

Malaysia’s Best International Trade Suppliers

The latest available country-specific data shows that 79% of products imported into Malaysia was furnished by exporters in: mainland China (21.4% of the Malaysian total), Singapore (11.8%), United States of America (7.3%), Taiwan (6.9%), Japan (5.9%), Indonesia (5%), South Korea (4.6%), Thailand (4.5%), Saudi Arabia (3.6%), Australia (2.9%), Germany (2.7%) and India (2.5%).

From a continental perspective, almost three-quarters (74.5%) of Malaysia’s total imports by value in 2023 were purchased from fellow Asian countries. Trade partners in Europe furnished another 10.1% of imports bought by Malaysia while 7.9% worth originated from North America.

Smaller percentages came from suppliers in Oceania (3.3%) led by Australia and New Zealand, Latin America (2.3%) excluding Mexico but including the Caribbean, then Africa (1.8%).

Given Malaysia ‘s population of 33.1 million people, its total $265.6 billion in 2023 imports translates to about $8,050 in yearly product demand from every person in the Southeast Asian country. That per-capita amount lags the average $8,800 for 2022.

Malaysia’s Top 10 Imports

The following product groups represent the highest dollar value in Malaysia’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Malaysia.

1. Electrical machinery, equipment: US$72.8 billion (27.4% of total imports)
2. Mineral fuels including oil: $50.8 billion (19.1%)
3. Machinery including computers: $25.2 billion (9.5%)
4. Plastics, plastic articles: $8.5 billion (3.2%)
5. Vehicles: $8.2 billion (3.1%)
6. Optical, technical, medical apparatus: $6.7 billion (2.5%)
7. Iron, steel: $5.9 billion (2.2%)
8. Other chemical goods: $5.7 billion (2.2%)
9. Aluminum: $5.2 billion (1.9%)
10. Gems, precious metals: $5.1 billion (1.9%)

Malaysia’s top 10 imports accounted for 73.1% of the overall value of Malaysian product purchases from other countries.

The fastest grower among Malaysia’s top imported product categories were vehicles via a 10.5% increase from 2022 to 2023.

The remaining advance belonged to imported aluminum via a 6.7% improvement from 2022.

Posting the severest year-over-year declines were Malaysia’s imports of gems and precious metals (down -20.3% from 2022) and plastics both as materials and items made from plastic (down -15.3%).

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below is at the more granular 4-digit level.

Malaysia’s Best Imports of Electronic Products

In 2023, Malaysian importers spent the most on the following 10 subcategories of electrical products including consumer electronics.

1. Integrated circuits/microassemblies: US$43.9 billion (down -18.2% from 2022)
2. Phone devices including smartphones: $4.7 billion (up 18.2%)
3. Solar power diodes/semi-conductors: $4.6 billion (up 2.5%)
4. Printed circuits: $2.8 billion (down -23.9%)
5. Lower-voltage switches, fuses: $2.4 billion (down -14.1%)
6. Electrical converters/power units: $1.8 billion (down -6.1%)
7. Insulated wire/cable: $1.3 billion (down -9.6%)
8. Electrical capacitators: $941.4 million (down -20.6%)
9. Electrical/optical circuit boards, panels: $902.8 million (up 24.9%)
10. Unrecorded sound media: $833.8 million (down -55.6%)

Among these import subcategories, Malaysian purchases of electrical or optical circuit boards and panels (up 24.9%), phone devices including smartphones (up 18.2%), then solar power diodes or semi-conductors (up 2.5%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Malaysian businesses and consumers.

Malaysia’s Best Imports of Mineral Fuels Including Oil

In 2023, Malaysian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Processed petroleum oils: US$28.6 billion (down -10.3% from 2022)
2. Crude oil: $13.5 billion (up 10.3%)
3. Coal, solid fuels made from coal: $5.2 billion (down -25.7%)
4. Petroleum gases: $2.2 billion (down -20%)
5. Petroleum oil residues: $509.8 million (down -31.2%)
6. Coal tar oils (high temperature distillation): $381.9 million (up 4.4%)
7. Coke, semi-coke: $258.4 million (down -37.5%)
8. Asphalt/petroleum bitumen mixes: $110.8 million (up 20.1%)
9. Petroleum jelly, mineral waxes: $47.3 million (down -8.4%)
10. Tar pitch, coke: $7.8 million (up 20%)

Among these import subcategories, Malaysian purchases of asphalt or petroleum bitumen mixes (up 20.1%), tar pitch and coke (up 20%) then crude oil (up 10.3%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related products among Malaysian businesses and consumers.

Malaysia’s Best Imports of Machinery Products Including Computers

In 2023, Malaysian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$4 billion (up 13.2% from 2022)
2. Machinery for making semi-conductors: $2.4 billion (up 1.1%)
3. Computer parts, accessories: $2 billion (down -21.5%)
4. Miscellaneous machinery: $1.7 billion (down -10.7%)
5. Centrifuges, filters and purifiers: $1.1 billion (down -4%)
6. Taps, valves, similar appliances: $999.4 million (up 8.2%)
7. Air or vacuum pumps: $880.4 million (down -6.2%)
8. Turbo-jets: $856.6 million (up 49.3%)
9. Printing machinery: $847.3 million (down -5.5%)
10. Temperature-change machines: $722.6 million (up 17.9%)

Among these import subcategories, Malaysian purchases of turbo-jets (up 49.3%), temperature-change machines (up 17.9%), then computers including optical readers (up 13.2%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Malaysian businesses and consumers.

Malaysia’s Best Imports of Plastic Materials and Plastic Products

In 2023, Malaysian importers spent the most on the following 10 subcategories of plastics.

1. Ethylene polymers: US$1.6 billion (down -17.7% from 2022)
2. Miscellaneous plastic items: $1 billion (down -3.6%)
3. Polyacetal/ether/carbonates: $949.6 million (down -23.8%)
4. Plastic plates, sheets, film, tape, strips: $748.4 million (down -13.8%)
5. Propylene/olefin polymers: $603.7 million (down -15.7%)
6. Styrene polymers: $488.1 million (down -13.6%)
7. Plastic packing goods, lids, caps: $396.2 million (down -14.6%)
8. Self-adhesive plastic in rolls: $337.9 million (down -2.6%)
9. Plastic plates, sheets, film, tape, strips: $299.3 million (down -0.9%)
10. Acrylic polymers: $279.9 million (down -2.3%)

Among these import subcategories, Malaysian purchases of plastic plates, sheets, film, tape and strips (down -0.9%), acrylic polymers (down -2.3%), then self-adhesive plastic in rolls (down -2.6%) declined at the slowest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported plastics among Malaysian businesses and consumers.
 

See also Malaysia’s Top 10 Exports, Malaysia’s Top Trading Partners, Malaysia’s Top 10 Major Export Companies and Top 10 Asian Export Countries

Research Sources:
Central Intelligence Agency, The World Factbook, Country Profiles. Accessed on April 9, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 9, 2024

International Monetary Fund, World Economic Outlook Databases (GDP based on Purchasing Power Parity). Accessed on April 9, 2024

International Trade Centre, Trade Map. Accessed on April 9, 2024