Key Market Indicators
Malaysian nickel exports are projected to surge to approximately $2.1 billion by 2028, up from around $1.6 billion in 2023. This represents an average annual growth rate of 3.7%. Since 1994, the nation's nickel supply has grown at an average rate of 2.9% per year. In 2023, Malaysia ranked fourth in global nickel exports, trailing behind Russia, which led with an export value of about $1.6 billion. Canada and Russia secured the second and third spots, respectively. On the import side, Malaysia's nickel imports saw a significant decline. In 2018, the country imported roughly $85 million worth of nickel, a stark drop from the $277 million recorded in 2017. This marks a 69.2% decrease from the previous year. Since 1994, Malaysia's demand for nickel has decreased by an average of 42.8% annually.
