Malaysia's export of ICT goods has shown a general upward trend from 2015 to 2023, with the value increasing from 185.96 billion MYR to 287.38 billion MYR. The past two years experienced moderate growth rates: 0.27% in 2022 and 2.18% in 2023. Over the last five years, the compound annual growth rate (CAGR) was 2.52%, reflecting steady expansion albeit at a lower pace compared to earlier periods.
- 2015-2016: Growth rates at 1.59%, indicating slight improvement in export value.
- 2017-2018: Significant surges at 25.43% and 15.6%, highlighting strong ICT sector performance.
- 2019-2020: Declines of -5.04% and -1.9%, likely due to external economic factors.
- 2021: Rebounded with 9.92% growth, showing resilience in the sector.
- 2022-2023: Modest growth resuming with 0.27% and 2.18% respectively.
Forecasts suggest a consistent upward trajectory with the export value projected to reach 319.73 billion MYR by 2028, and a forecasted 5-year CAGR of 1.66% indicating a stable yet gradual increase. The overall forecasted growth rate over the next five years stands at 8.57%.
Future Trends to Watch For:
- Technological advancements and innovation in ICT products.
- Policy changes and government incentives to boost ICT export.
- Global economic conditions impacting trade dynamics.