December 31, 2024

Malaysia's livestock trade grows 23.2%, highlighting sector's role in economy

The livestock industry remains a vital part of Malaysia's agricultural sector, contributing significantly to food security and economic development.

Total trade in the industry grew by 23.2% in 2023, an increase of MYR 254.7 million (US$57 million), bringing the total to MYR 1.4 billion (US$313 million). This reflects the rising demand for livestock and related products to meet domestic consumption and industrial needs.

Department of Statistics Malaysia (DOSM) released a report detailing the industry's trade performance, focusing on livestock such as chicken, eggs, cattle, sheep, goats, ducks, and swine. Chief Statistician Malaysia, Dato' Sri Dr Mohd Uzir Mahidin, highlighted the importance of understanding the industry's economic contribution and its broader impact on Malaysia's economy.

Despite the growth, the industry faces a significant trade imbalance, with imports exceeding exports. In 2023, the trade deficit for livestock products amounted to MYR 849.1 million (US$190 million), underscoring the need for strategic measures to boost local production and enhance competitiveness.

Singapore remained the largest export destination for Malaysia's livestock products, accounting for 96.4% of total livestock exports. Vietnam and Brunei were also notable export markets. Meanwhile, Australia, New Zealand, and Thailand collectively contributed 84.8% of Malaysia's livestock imports.

-      Business Today