The import of Mineral Fuels, Oils, and Distillation Products to Malaysia experienced notable fluctuations over the past decade, marked by a significant drop between 2014 and 2016 followed by a resurgence from 2017. As of 2023, the import value stood at 34.295 billion US dollars. Import value growth has generally been positive but uneven, with notable fluctuations reflected in annual year-on-year percentage changes. The last two years saw modest growth of about 3%, while the five-year CAGR average stands at approximately 2.18%, forecasting a future 11.4% growth rate by 2028.
Future trends to watch for:
- Shifts in global energy prices which could impact import costs
- Malaysia's domestic energy policies and investments in renewable resources
- Global economic conditions and trade relationships affecting supply chains
- Technological advancements impacting energy efficiency and consumption patterns
- Geopolitical developments influencing fuel supply and demand dynamics
