Penang continues to lead Malaysia's export market with an impressive value of RM177.99 billion from January to May, according to Malaysia External Trade Development Corporation (Matrade) chairman Reezal Merican Naina Merican. Last year, Penang was also the top contributor to the country's exports, accounting for 30.5% or RM434.74 billion of the total export value.

Key sectors driving this positive export growth include integrated circuits, valves and tubes, aircraft fittings and spare parts, as well as tin and non-alloys. In terms of investments, data from the Malaysian Investment Development Authority (Mida) indicates that Penang led the nation with RM71.9 billion in investment value last year. This investment was spread across 415 projects, creating 20,701 job opportunities. These remarks were made during the Penang Export Day 2024 event, which was officiated by Chief Minister Chow Kon Yeow.

Malaysia External Trade Development Corporation (Matrade) chairman Reezal Merican highlighted that Malaysia's exports have surpassed RM1 trillion for three consecutive years. In the first half of 2024, exports grew by 3.9% to reach RM731.11 billion, with a trade surplus of RM66.12 billion. As of June 30, Matrade’s exporter database registered 13,018 local companies, of which 958 (or 7.4%) are based in Penang. Among these Penang-based companies, 786 (82%) are micro, small, and medium enterprises (MSMEs), with the remainder being mid-tier and large companies.

Reezal emphasized the importance of developing more mid-tier companies, as their growth would benefit the broader SME sector. Currently, there are 9,000 mid-tier companies nationwide. Additionally, he underscored the necessity for Malaysia to diversify beyond traditional markets and explore new emerging markets in regions such as North Africa and the Middle East. He suggested that the government should consider providing incentives to encourage businesses to enter these new markets.