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PETALING JAYA:  Malaysia’s external trade will recover steadily in 2024, with exports increasing 5.2% year-on-year, underpinned by growing global demand and stable commodity prices, said MIDF Research.

“The expected turnaround of Malaysia’s exports is one of the factors to support the appreciation of the ringgit in 2024, averaging at RM4.38 per US$1 (versus an average rate of US$1= RM4.56 in 2023),” MIDF Research, the research unit of MIDF Amanah Investment Bank Bhd said in a note today.

The research house made this statement following Malaysia’s higher S&P Global Manufacturing Purchasing Managers’ Index (PMI) results of 49.5 in February 2024, marking the highest reading since September 2022.

The improvement in Malaysia’s manufacturing PMI signals a further expansionary external trade performance in the coming months,” it noted.

Additionally, it expected regional trade, particularly in Asia, to stay on an upward trajectory given that China’s Caixin Manufacturing PMI surged to a six-month high of 50.9 in February 2023, beating the market forecast of 50.6.