The import of articles of iron or steel to Malaysia has experienced a fluctuating trend from 2013 to 2023. The value in 2023 stood at 3.0146 billion US dollars, reflecting a minimal increase from the previous year. Over the last two years, the year-on-year variation showed moderate positive growth, with a 0.37% increase in 2023 and a 0.38% increase in 2022. Considering the last five years, the compound annual growth rate (CAGR) has been relatively stable at 0.35% per year.
Future trends to watch for include potential market stabilization and a slightly positive growth trend, projected at a 5-year CAGR of 0.30%. It will be essential to monitor global steel prices, international trade policies, and local demand, which could influence import values in the coming years. Businesses should also be aware of any technological advancements or shifts towards alternative materials that might impact the iron and steel industry.
